The Small Business Administration has a new military loan program for ex-service members and spouses. The SBA announced in March 2008 that the Patriot Express Loan Initiative Pilot program has provided more than $100 million in guarantees to more than a thousand military service members, veterans, and spouses. With more than 773 lenders participating in the program, the SBA continues to offer "express" service to qualified individuals seeking business loans.
Many veterans are eligible to receive Patriot Express loan guarantees from the Small Business Administration (SBA). The SBA started its Patriot Express pilot program in 2007. The program is designed to assist veterans in starting businesses; it is available to businesses which are 51 percent or more owned/controlled by:
- Veterans (other than dishonorably discharged)
- Active Duty Military potential retiree within 24 months of separation and discharging Active Duty member within 12 months of discharge (TAP eligible)
- Reservist and National Guard
- Or the current spouse of above or spouse of service member or veteran who died of a service-connected disability.
Patriot Express loans may be used for:
- Start-up
- Expansion
- Equipment purchases
- Working capital
- Inventory, or
- Business-occupied real estate.
The maximum loan amount which the SBA will guarantee under this program is $500,000. Other requirements and limits follow those of the SBA's 7(a) loan program.
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