Streamlined SBA Loans for Vets

Veteran or their spouses may be eligible for the Small Business Administration’s (SBA) streamlined “Patriot Express” SBA-backed loan. The Patriot Express loan program was initiated to help military personnel, active-duty, reserve or retired, or their spouses obtain small business loans under the SBA’s 7(a) program.

Several benefits that military personnel receive with these loans are:

• The interest rate on loans for less than seven years is only 2.25% over prime;
• Loans for under $25,000 do not require collateral (although lenders can charge an added 2% on these loans); and
• The SBA approval time is 36 hours (versus up to 10 days on regular SBA loans).

The Patriot Express program guarantees 75% of the loan for amounts up to $500,000. Since the SBA program relies on the lender’s application forms, businesses with a 51% or greater military vet or active-duty ownership can simply go to your local financial institute that works with SBA loans.

For veteran-owned small business, US Business Finance Corp offers its Business Cash Advance program as a possible adjunct to a Patriot Express loan to help new businesses get their financing in a timely manner. With a business cash advance, veteran owned small businesses can access business financing that performs as a draw against their future credit card sales. Unlike a bank loan, US Business Finance Corp historically wires approved business owners the cash advance in 5 to 10 business days.

If your veteran-owned small business is too new or your collateral position not what it needs to be for an Patriot Express SBA loan, contact us to see what small business financing we can arrange for you. We are specialists helping new businesses secure the funds they need when they need them most.

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