Paycheck Chronicles

The Most Forgotten Financial Advice for Military Spouses

Today, I stumbled across this article at CreditCards.com, 6 personal finance tips for military spouses.   While these are important, they’re missing my most important...

SBA Loan Program for Vets Extended

A Small Business Administration loan program that's been used by nearly 7,000 veterans, reservists and National Guard members has been extended for another three years.

The SBA said it will renew the Patriot Loan Express program, which since 2007 has provided more than $560 million in loan guarantees to veterans, service-disabled veterans, reservists, National Guard members and their spouses.

Patriot Express loans are offered by SBA's participating lenders. The loans under the program are available for amounts up to $500,000, the SBA said.

Patriot Express loan guarantees are unique when compared to other SBA loan programs.

For one, they offer a maximum guaranty of up to 85 percent on loans up to $150,000 and as much as 75 percent on loans between $150,000 and $500,000.

Interest rates also are lower, SBA said. The interest rates on Patriot Express loans are between 2.25 percent and 4.75 percent over prime, depending on the dollar amount and maturity of the loan.

The loans can be used for start-up, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases, SBA said.

Patriot Express loans have been used by 31 people in the SBA's Wichita District since the program's inception, said deputy district director Pat Carney. Those loans, Carney said, total $3.17 million.

"It's been a good program for us," he said. "We've got Fort Riley and McConnell Air Force Base in our territory.

"Some of those guys end up staying in the area and starting their own businesses."

The SBA Wichita District encompasses 77 of the state's 105 counties.

More information on the program can be found at www.sba.gov/patriotexpress.

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

Featured VA Loan Articles

  • VA Loan Closing Costs: An Added Benefit
    Besides the advantage of requiring no down payment for qualified VA borrowers, there's also a distinct advantage for the borrow...
  • White suburban home.
    IRRRL Facts for Veterans
    IRRRL stands for Interest Rate Reduction Refinancing Loan,also known as a "Streamline" or a "VA to VA" loan.
  • US Map Showing High Cost Counties
    VA Loan Limits for High-Cost Counties 2017
    The VA loan limit for 2017 is $424,100. But it could actually be substantially more if you buy a home in a high-cost county. Se...
  • Get the FAQs on VA Home Loans
    We've answered 16 of the most frequently asked VA Loan Benefit questions. View them now to get a quick understanding of your be...
  • Top 3 VA Home Loan Tips
    There are numerous advantages to having a VA mortgage. A VA mortgage loan can be guaranteed with no money down, in some cases u...
© 2016 Military Advantage