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Patriotic Military

Patriotic Military

Patriot Express Loan: a Promising New Business Loan Program for Veterans and Their Spouses

The U.S. Small Business Administration (SBA) has launched a new loan program for military service members, veterans and their spouses which can be used to establish or expand a small business. The Patriot Express Loan Initiative builds on the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses. In March 2008, the SBA announced that the average loan amount is nearly $101,000. "Each day sees the number of Patriot Express loans rise and the number of participating lenders, currently more than 773 nationwide, rise as well," said SBA Administrator Steve Preston. "We thank these lenders, and those coming aboard, for their special efforts on behalf of entrepreneurial veterans and others in our military community."

What is a Patriot Express Loan

The Patriot Express Loan is a streamlined loan product based on the SBA’s Express Loan Program. The difference in the Patriot Loan is that it comes with enhanced guaranty and lower interest rates. The new Patriot Express loan is offered by the SBA’s network of participating lenders nationwide and offers a fast turnaround time for loan approvals. Patriot Express loans have been approved for all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam.

Loan amounts

Loans are available up to $500,000 compared to the maximum loan amount of $350,000 available under SBA Express. The Patriot Express loan qualifies for SBA’s maximum guaranty of up to 85% for loans of $150,000 or less and up to 75% for loans over $150,000 up to $500,000 which contrasts with the maximum 50% SBA guaranty that applies to SBA Express loans. For loans above $350,000, lenders are required to secure all available collateral to back the loan and may obtain collateral for smaller loans depending upon individual bank requirements.

Interest rates

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 and borrowers can negotiate interest rates which may be fixed or variable; however, there are limits on how much a lender can charge. For example: the interest rates are a maximum of prime + 2.25% for maturities under seven years; prime + 2.75% for seven years or more. The interest rates can be two percent higher for loans of $25,000 or less; and one percent higher for loans between $25,000 and $50,000.

With the SBA’s Express program The interest rates can be up to 6.5 percent over prime rate for loans in the amount of $50,000 or less and up to 4.5 percent over prime rate for loans over $50,000. The Patriot Express loan program offers lower interest rates.

Who can get a Patriot Express loan

The loan is available to the following:

1. Veterans (other than dishonorably discharged)

2. Service-disabled veterans

3. Active-duty military eligible for the military’s Transition Assistance Program for potential retirees within 24 months of separation and discharging active duty members within 12 months of discharge

4. Reservists and National Guard members

5. Current spouses of any of the above

6. Widowed spouse of a service member or veteran who died during service or of a service-connected disability.

What loan proceeds may be used for

The Patriot Express Loan Initiative can be used for most business purposes, including the following:

• Start-up business

• Business expansion

• Equipment purchases

• Working capital

• Inventory or business-occupied real-estate purchases

www.sba.gov/patriotexpress

For more business loan sources visit: Business Loan Sources

About the Author

Lisa Phillips is a marketing consultant specializing in business expansion and development. Because many small business owners lack the personal and business credit necessary to grow and expand, she has developed a free website to aid consumers as well as entrepreneurs in rebuilding and taking control of their credit.
www.rebuildcreditscores.com

If someone won't re-enlist just because there are gays in the military, how patriotic were they to begin with?

Since when does a desire to shower with homosexuals equal patriotism?

The question you should be asking is: will enough open homosexuals be both willing to serve and able to meet the mental and medical requirements of service in order to make up for the number of people who will decide either to not renlist - or to enlist in the first place?

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