SBA Launches Loan Initiative For Military Small Business Owners
Written by Ken Gaebler
The SBA launched the Patriot Express Pilot Loan Initiative, offering loans of up to $500,000 to service members, veterans and military spouses looking to expand or establish their small businesses.
The Small Business Administration had some good news for small business owners who are part of the military community and are looking to expand their small businesses, with the launch of their Patriot Express Pilot Loan Initiative last week.
The program is available to veterans, service-disabled veterans, active-duty service members participating in the militarys Transition Assistance Program, Reservists and National Guard members, and military spouses or widows who seek additional capital to expand or establish their small businesses.
The Patriot Express program, which is an extension of the SBA Express Program, offers 7(a) loans of up to $500,000, with guarantees of 75 to 85 percent and interest rates of 2.25 to 4.75 percent.
"With military activations and extensions having a profound impact on entrepreneurs in the military community, SBA is committed to helping Americas service men and women during the continuing war on terror," SBA administrator Steven Preston said.
The SBA has also expanded its Veterans Affairs Office, and offers Military Reserve Economic Injury Disaster Loans (MREIDL) of up to $1.5 million for small businesses who suffer economic injury when owners or essential employees are called to active duty from the reserves.
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