SBA Announces Patriot Express Loan Program for Veterans
July 3, 2008 by John Allen · 15 Comments
SBA Announces New Patriot Express Loan Initiative for Veterans
Program Focuses on Military Community Including Veterans, Service-disabled, Active-duty in transition, Reserve and Guard, Spouses and Related Groups
WASHINGTON, D.C. – The SBA has 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 highly successful 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.”
“SBA thanks the Presidential Task Force on Returning Global War on Terror Heroes for its guidance and hard work and Veterans Affairs Secretary Jim Nicholson for his devoted leadership,” Preston added.
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.
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. Local SBA district offices will have a listing of Patriot Express lenders in their areas.
The Patriot Express Loan Program huh?
Guaranteed VA Business Loan?
Alright, one still has the road block by the SBA of needing to have 25% or 30% as a required down payment for a larger SBA Bank participant Loan. For example; 30% of $70,000.00 is $21,000.00 A Vet has to have $21,000.00 cash before SCORE or an SBA Counselor will continue talking. Oh yea, you can go to their business ownership training meetings for free or, business plan training but it’s all a joke. No money down, no guaranteed VA Business Loan. This is a cold fact. Please, prove me wrong. Say the truth.
Frustrated that the rich get loans and the poor, well you know….
The SBA Veterans Patriot Express Loan Program with Banks it Runs so fast by Veterans like the Pony Express that it do not care for he who Born the Battle.
There are over 450,000 Disabled and Homeless Veterans in the USA and it is a Shame, Shame, that homeless Veterans cannot get a thousand dollars -to even open a tire repair shop
My suggestion is for better ways where even Homeless veterans can get the basic loan for a buddy plan where two homeless veterans can work to get some kind of business plan set up to revitalize them-selves and to have the mentoring support that help to uplift many homeless veterans who had trades and other jobs in the military -to make use of those skills today as Solutions.
IF this makes sense please send Mayor Daley in Chicago a letter and e- mail the letter to me a Virgilmathis1@yahoo.com where I can see if Chicago still is the City that Works
I am veteran with looking for a VA SBA loan. Please email me at scott.walker@ethosiq.com
Will collateral (i.e. your home) work as down? If not does anyone have any ideas where a vet can get assistance in getting the down for a 200,000 new business loan.
I am looking for a Small Business Loan too. I was told that the VA would be able to assist me. I yet to find out or be contacted about such a service. How are the “poor” supposed to get “rich” if there is not a real opportunity. I would like to be emailed if someone can provide me a loan for my business. navsak10@yahoo.com Thanks!
20 or 30 percent, yeah right. I had that amount and the bank still refused to give me a Patriot Express loan two years ago. I put everything I had into my small business, and right now, with this economy, we are barely making it. Unlike two years ago, I no longer have the 20 to 30 percent needed to make a down payment.
seems like obam got rid of the small business loans, as we know how much he loves us vets.lol
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Where is this loan company located and what is your APR?
Will you loan out to expanding my business in the Island of Guam USA?
Thanks
you have a hotmail account.
I am a Marine Vet, and I am trying to get a small business loan for around $15,000 to start a internet business. I have all the information that you may need to include a business plan showing the profit and a pay back schedule with interest.
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IM A EX VET FROM 75, WE HAVE A SMALL BUSINESS (MEDLEYS FINAL CLEANING CO.) WE HAVE BEEN DOING BUSINESS FOR OVER 3 YEARS IN THE HOUSTON TX. AREA, WE NEED A SMALL BUISSNES LOAN TO PURCHASE NEWER EQUIPMENT AND PAYROLL AND VEHILCLE, PLEASE HELP US GET A SMALL GOV. LOAN
I am A Disable Vet. I have a SBA loan. I am like other Small Business owners that the econamy has put in a bind. I can’t get no one to give me a loan to bail me out. Looks like I am going to lose my business and home. Is there any help out there. I don;t have a lot of fath in online loans would like to meet them.
If You Have A Answer E-Mail me @ rttowing@scrtc.com
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