The new Patriot Express loan is offered by SBA's network of participating lenders nationwide and features our 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 SBA has many programs targeted to assist economically and socially disadvantaged individuals, and to help rebuild economically depressed or hurricane shattered communities. According to Joel Szabat, the SBA's Chief of Staff, "The SBA has only one set of programs designed to help people, not for who they are or where they live, but for what they done.
These are programs the SBA has established to serve those who have taken up arms and risked their lives for our country."
Patriot Express was recommended to the President by the task force of returning global war on terror heroes, led by the Secretary of Veteran's Affairs, Jim Nicholson.
There are approximately 1.2 million men and women on active duty, 1.8 million in reserves and the National Guard. Of that total, 1.5 million have been deployed to Afghanistan and Iraq since the war on terror began.
There are nearly 45 million veterans in America today. Veterans are an important part of the small business community. According to the SBA's statistics, 15% of veterans are self employed.
Patriot Express Pilot Loan Initiative
Overview
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. Eligible military community members include:
Certified copy of a DD Form 214, which is provided for everyone other than dishonorably discharged veterans is required.
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.
Due to the special nature of Patriot Express, particularly the level of authority and autonomy delegated to lenders under this initiative, SBA is particularly concerned that Patriot Express loan proceeds be used exclusively for business-related purposes. SBA therefore expects lenders to use reasonable methods to ensure that loan proceeds are used for business-related expenses, which means conformance with verification procedures at least as thorough as those used for their non-SBA guaranteed commercial loans. At a minimum, lenders must thoroughly communicate to borrowers that all SBA loan proceeds must be used only for business-related purposes, must clearly set forth that requirement on the loan authorization, and must secure a certification from the borrower that all loan proceeds will be so used.
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. Lenders cannot charge prepayment fees on SBA loans.
The SBA has many programs targeted to assist economically and socially disadvantaged individuals, and to help rebuild economically depressed or hurricane shattered communities. According to Joel Szabat, the SBA's Chief of Staff, "The SBA has only one set of programs designed to help people, not for who they are or where they live, but for what they done.
These are programs the SBA has established to serve those who have taken up arms and risked their lives for our country."
Patriot Express was recommended to the President by the task force of returning global war on terror heroes, led by the Secretary of Veteran's Affairs, Jim Nicholson.
There are approximately 1.2 million men and women on active duty, 1.8 million in reserves and the National Guard. Of that total, 1.5 million have been deployed to Afghanistan and Iraq since the war on terror began.
There are nearly 45 million veterans in America today. Veterans are an important part of the small business community. According to the SBA's statistics, 15% of veterans are self employed.
Patriot Express Pilot Loan Initiative
Overview
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. 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
Certified copy of a DD Form 214, which is provided for everyone other than dishonorably discharged veterans is required.
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.
Due to the special nature of Patriot Express, particularly the level of authority and autonomy delegated to lenders under this initiative, SBA is particularly concerned that Patriot Express loan proceeds be used exclusively for business-related purposes. SBA therefore expects lenders to use reasonable methods to ensure that loan proceeds are used for business-related expenses, which means conformance with verification procedures at least as thorough as those used for their non-SBA guaranteed commercial loans. At a minimum, lenders must thoroughly communicate to borrowers that all SBA loan proceeds must be used only for business-related purposes, must clearly set forth that requirement on the loan authorization, and must secure a certification from the borrower that all loan proceeds will be so used.
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. Lenders cannot charge prepayment fees on SBA loans.
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