Great news for Veterans! There are loan program set up through the Small Business Administration to help veterans who are looking for small business loan opportunities.
Loans available under this program have similar standards that are already set by the Small Business Administration for other types of loans. Size, type of business, availability of funds, and the use of proceeds are all things that will be taken into consideration when applying for a loan in this program.
Lenders who meet certain criteria and are currently participating in Small Business Administration loans might be eligible to participate. Certain performance standards must be met, but there are no minimum loan requirements to begin making Patriot Express loans. Lenders who are non-SBA partners, but make many commercial loans of $50K or less might be eligible to participate in the program. They must first apply for Small Business Administration Authority.
Only 7(a) loans may be used for Patriot Express Loans. The maximum loan amount that can be allotted is $500,000 of which the SBA will guarantee 75-85% of the loan value.
These loans are considered “express loans” because the turn around time is 36 hours. The forms that are used are mostly provided by the lender making the loan process faster and smoother for the business. The loans are available for 7 years with maturity extensions available. Lenders may or may not require collateral depending on the size of the loan.
Check back on Friday for the conclusion to this post.
