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The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses. Its called the Patriot Express Loan Initiative.
The new Patriot Express loan is offered by SBA’s network of participating lenders nationwide and features the 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.
Patriot Express loans feature 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. Your local SBA district office will have a listing of Patriot Express lenders in your area.
Eligible military community members include:
Veterans
Service-disabled veterans
Active-duty service members eligible for the military’s Transition Assistance Program
Reservists and National Guard members
Current spouses of any of the above
The widowed spouse of a service member or veteran who died during service or of a service-connected disability
The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative.
To learn more about the Patriot Express Initiative vist the Veterans Adminstration web site located at www.sba.gov/patriotexpress
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