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The Small Business Administration (SBA) recently announced the new
Patriot Express Pilot Loan as the latest extension to the financial,
procurement, and technical assistance programs the agency provides to the
military community. Patriot Express is a streamlined loan product based on SBA’s
existing SBA Express Program, but with enhanced guarantee and interest
rate characteristics.
“With military activations and extensions having a profound impact on
entrepreneurs in the military community, SBA is committed to helping America’s
service men and women during the continuing War on Terror,” SBA Administrator
Steven Preston said. “We believe that Patriot Express, supported by SBA’s other
services, goes directly to the needs of these American Patriots who wish to
start businesses, and in the process encourages job creation and growth, an
essential part of the President’s economic agenda.”
Patriot Express is available to military community members including
veterans, service-disabled veterans, active-duty service members participating
in the military’s Transition Assistance Program, Reservists and National Guard
members, current spouses of any of the above, and the widowed spouse of a
service member or veteran who died during service, or of a service-connected
disability.
The new Patriot Express Loan is offered by SBA’s network of
participating lenders nationwide, and features SBA’s fastest turnaround time for
loan approvals. Loans are available up to $500,000 and qualify for SBA’s maximum
guaranty of up to 85 percent for loans of $150,000 or less and up to 75 percent
for loans over $150,000 up to $500,000. For loans above $350,000, lenders are
required to take all available collateral.
The Patriot Express Loan can be used for most business purposes,
including start-up, expansion, equipment purchases, working capital, inventory
or business-occupied real-estate purchases. It features SBA’s lowest
interest rates for business loans, generally 2.25 percent to 4.75 percent over
prime depending upon the size and maturity of the loan. Local SBA district
offices will have a listing of Patriot Express lenders in their areas. Details
on the initiative can be found at www.sba.gov/patriotexpress.
SBA has veterans’ business development officers in district offices in every
state and territory able to provide military community members full access to
the SBA’s range of programs and services. There are also five Veterans Business
Outreach Centers located in: Albany, N.Y; Pittsburgh, PA; Lynn Haven, Fla.;
Edinburg, Texas; and Sacramento, Calif.
In addition to district offices, SBA’s resource partners SCORE, Counselors to
America’s Small Business; Small Business Development Centers; and Women’s
Business Centers provide local and online assistance with: writing a business
plan, financing options to start or grow your business, managing the business,
expanding the business and selling goods and services to the government. |
