SBA Has Plans That Help War Veterans Get Started

The Small Business Administration has enlisted banks across the country in a new loan program reserved for military veterans 
by Eric Ruth 

Leaving the military can be a mixed blessing for breadwinners. For years, the big career decisions were made for them. In the civilian world, vets who want to start a business can find that the military's spirit of unified purpose has been replaced by the self-interest of the marketplace.

From now on, ex-military entrepreneurs have at least one ally.

The Small Business Administration has enlisted banks across the country in a new loan program reserved for military veterans, which features fast approval times, low interest rates and up to $500,000 to help start a business or expand one. 

Patriot Express Loans offers rates of 2.25 percent to 4.75 percent over prime, depending upon the size and maturity of the loan. Processing has been streamlined, meaning approval in about a day or two, said Stephanie Watkins, agency administrator for the Philadelphia region.

Veterans' needs are growing along with global deployments, Watkins said, and the benefits that veterans can bring to the marketplace are clear…

One example is DuHadaway Tool & Die, a Newark, Del., company opened 50 years ago by World War II vet Robert DuHadaway. The maker of precision industrial machine parts counts at least 20 veterans among its employees and helps the nation's war effort by making aircraft carrier components.

"Our service members are our heroes," said John J. O'Donnell, DuHadaway's general manager.

The Small Business Administration also offers counseling and training for entrepreneurial veterans. The new loan program helps deliver another piece of that support system, said Austin Edison, chairman of Delaware SCORE, a group of retired executives who counsel small-business owners.

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