By Carl Surran
Small Business Administration Adds Military Loan Program
Summer 2007
The Small Business Administration (SBA) has launched its new “Patriot Express” loan program to help many in the military community open their own businesses. Loans up to $500,000 may be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases. Interest rates generally are 2.25 percent to 2.75 percent above the prime rate, based upon the amount and maturity of the loan.
Patriot Express is available to veterans, service-disabled veterans, active-duty servicemembers eligible for the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the preceding groups, and surviving spouses of members or veterans who died during service or from a service-connected disability.
Veterans’ business development officers man SBA district offices in every state. They can provide lists of area Patriot Express lenders as well as additional small business advice and resources. To learn more about this new program, go to www.sba.gov/patriotexpress.
Meanwhile, the Defense Department has issued a reminder that the federal government’s goal is to award three percent of all annual military contracts to small businesses operated by service-disabled veterans. The Service-Disabled Veteran-Owned Small Business program registered more than 5,000 businesses in 2006. For more information, visit www.acq.osd.mil/osbp/programs/veterans.
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MILITARY
