Patriot Express SBA Loans: A Program Designed for Veterans

Many soldiers returning from duty have a hard time integrating into an office environment and opt for starting their own venture instead. Some organizations have started initiatives to aid in the success of veterans. The Small Business Administration’s Patriot Express Loan Initiative allows veterans to apply for the funds needed to start or expand their Delaware business.

Eligibility

In order to obtain the loan, veterans must present a business plan, good credit and demonstrate business experience in the form of training or a degree. The United States Department of Veteran Affairs offers programs like the Transition Assistance Program to train veterans in many aspects of business. Websites such as Vetbiz also provide a networking resource for veterans to gain some experience through communicating with other business owners.

To be eligible for Patriot Express, applicants must fall under one of the following categories:

• Veterans
• Veterans with a service-related disability
• Active-duty service members eligible for the military’s Transition Assistance Program
• Reservists and/or National Guard members
• A spouse of a veteran or an active duty service member eligible for the Transition Assistance Program
• The widowed spouse of a service member or veteran who died during service or of a service-connected disability

Loan Uses

Patriot Express funds go towards numerous business purposes. Some veterans chose to use the money for their start-up costs, such as real estate, equipment and inventory purchases. Veterans already running a business could use the funds for management (in the event of deployment), expansion, and disaster recovery. Note that the loan use is restricted to business purposes only.

Top Benefit

Patriot Express loans have the SBA’s lowest available interest rates. Interest rates fall from 2.25 percent to 4.75 percent, depending on the size and length of the loan.

To find an SBA lender in Delaware, check the SBA.gov website.

Matt Polsky is a blogger associated with VA Benefit Blog. VA Benefit Blog focuses on providing service members with current news and information on the VA benefits they have earned through serving our country.

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