The Small Business Administration has recruited several banks and lending institutions to participate in the new Patriot Express Loan Program. The program provides financial assistance to servicemembers — veterans, retirees, transitioning, and active-duty — who are ready to start or expand their current business.
The Patriot Express Loan Program features fast approval times, low interest rates, and offers rates of 2.25 percent to 4.75 percent over the prime interest rate. What's more, the loan program gives entrepreneurs up to $500,000 for their new or growing business."We believe that Patriot Express, supported by SBA's other services, goes directly to the needs of those American Patriots who wish to start businesses, and in the process encourages job creation and growth, an essential part of the President's economic agenda," said SBA Administrator Steven Preston, in a SBA-issued press release.
In addition to funding a start-up or expanding business, the patriot loan can be used for equipment purchases, working capital, inventory, or business-occupied real-estate purchases.
Entrepreneurial training and counseling is also available to first-time business owners. And, the SBA has veterans' business development officers in district offices in every state, as well as five Veterans Business Outreach Centers in Albany, NY; Pittsburgh; Lynn Haven, Fla.; Edinburg, Texas; and Sacramento, Calif.
If you're ready to start your own business and want to apply for the Patriot Express Loan program, visit Military.com's Franchise Finder to research franchise opportunities in your area.