Patriot Express is a new loan program for Veterans
The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of themilitary community wanting to establish or expand small businesses. The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative, making it more accessible and easy to use.
Eligible military community members include:
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
Patriot Express loan proceeds can be used for most business purposes, including:
Start up costs
Business-occupied real-estate purchases
Infusing working capital
Managing your business
Preparing your business for the possibility of your deployment
Setting up to sell goods and services to the government
Recovery from declared disasters.
Patriot Express loans feature the 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.