About a year ago, the Small Business Administration announced a new outreach program specifically for veterans. It is called the Patriot Express Loan and, as the name implies, it is designed to provide fast loan approvals for veterans.
Veterans own more than 14 percent of the nation’s businesses and the SBA wanted to do something to help veteran entrepreneurs with their funding needs. “We guarantee more than $1 billion annually in loans for veteran-owned businesses,” said SBA Administrator Steven Preston. “We believe that Patriot Express, supported by SBA’s other services, goes directly to the needs of these 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.”
Patriot Express guarantees loans up to $500,000 and can be used for start-up, expansion, equipment costs, working capital, and much more. Interest rates for these loans start at 2.25 percent above prime and can go as high as 4.75 percent.
“For many veterans, these express loans can be the break they need to realize their dream,” said Bob Hansen, business analyst for Joliet junior College’s Small Business Development Center. “A veteran should contact their SBA representative, or call me to learn more about this program.”
Veterans can make great entrepreneurs and the SBA wants to provide assistance to help them.
“With military activations and extensions having a profound impact on entrepreneurs in the military community, SBA is committed to helping America’s service men and women during the continuing War on Terror,” Preston said.
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For more information about this loan or starting a business, call Bob Hansen at 815-280-1415, or e-mail bhansen@jjc.edu.
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