Business Loans: SBA "Patriot Express"

SBA "Patriot Express" Loans

The Small Business Administration (SBA) has a new "Patriot Express" loan program to help people in the military community open their own small businesses.

Patriot Express is available to veterans, service-disabled veterans, active-duty military eligible for the military's Transition Assistance Program, Reservists and National Guard members, current spouses of any of these groups, and surviving spouses of members or veterans who died during service or from a service-connected disability.

Loans up to $500,000 may be used for business start-up, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases. Interest rates generally are 2.25 percent to 2.75 percent above the prime rate, based upon the amount and maturity of the loan.

Veterans' business development officers man SBA district offices in every state. They can provide lists of area Patriot Express lenders as well as additional small business advice and resources.

The federal government's goal is to award three percent of all annual military contracts to small businesses operated by service-disabled veterans - a great boost for your military-related small business.