Do You Qualify for a SBA Patriot Express Pilot Loan?

Written on July 23, 2007 by Amanda M. Gladden

It’s being billed as the loan for members of the military community who want to start a new business or expand a current one, however don’t discount the SBA’s newest offering because you are not active military, read on.

Patriot Express Pilot Initiative loans are being offered through the Small Business Administration conjunction with a network of lenders. These loans can be used for startup, expansion, equipment purchases, working capital, inventory and even for business-occupied real estate purchases.

Loan Size: up to $500,000.00

SBA Guaranty: 85% for loans of less than $150,000; 75% for loans $150,000 to $500,000. Any loan over $350,000 requires that the lender take collateral.

Interest Rates: 2.25 – 2.75 % above Prime

Eligibility:

• Veterans- whether service disabled or not
• Active duty members who are participating in the Transition Assistance
• Discharging active duty personnel within 12 months of discharge or 24 months or less from retirement
• Reservists and National Guard members
• Current spouses of any of the above
• Widowed spouses of service members or veterans who died during service or died of a service related injury

What Makes this Loan Program Different?
It’s common knowledge that the Small Business Administration offers many different loan programs so I wondered how the Patriot loan for our veterans and their spouses is different from the regular 7A loans and other offerings from the SBA . The chart below shows some of the major differences I found.

Table name 1

According to an SBA press release dated July 17, 2007, twenty (20) Patriot Express Loans have already been approved, one month after the program’s launch. If you qualify, take the next steps now. Get additional details from the websites below or visit the corresponding local office that services your area.

The SBA’s website http://sba.gov

Office of Women’s Business Ownership

Locate a Veteran’s Business Development Officer

OR

View the list of approved lenders, find one in your area and contact them directly for next steps. To find a local lender, go to this website, http://www.sba.gov/patriotexpress/index.html then follow the link “Approved Patriot Express Lenders” to access an Excel spreadsheet listing updated information about lenders approved to participate in the program by region.

Good luck!

(C) 2007 Amanda M. Gladden http://www.womanstartyourbusinessnow.com

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Posted in Start up Capital, useful links, funding your business, SBA

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