Small Business Loans for
Veterans and their Spouses: The
New Patriot Express Business Loan
by Lisa Phillips
March 2008
Veterans and their Spouses: The
New Patriot Express Business Loan
by Lisa Phillips
March 2008
| Copyright RebuildCreditScores 2008. All Rights Reserved |
The U.S. Small Business Administration (SBA) has launched a new small
business loan for veterans, military service members, and even their spouses.
business loan for veterans, military service members, and even their spouses.
What is a Patriot Express loan
The Patriot Express Loan is a streamlined loan product based on the
SBA’s Express Program. This loan program comes with enhanced
guaranty and low interest rates. The new Patriot Express loan is
offered by the SBA’s network of participating lenders nationwide and
offers a fast turnaround time for loan approvals. Patriot Express loans
are available in all 50 states, the District of Columbia, the U.S. Virgin
Islands, Puerto Rico and Guam.
Loan amounts
Loans are available up to $500,000 compared to the maximum loan
amount of $350,000 available under SBA Express. The Patriot Express
loan qualifies for SBA’s maximum guaranty of up to 85% for loans of
$150,000 or less and up to 75% for loans over $150,000 up to
$500,000 which contrasts with the maximum 50% SBA guaranty that
applies to all SBA Express loans.
For loans above $350,000, lenders are required to secure all available
collateral to back the loan and may obtain collateral for smaller loans
depending upon individual bank requirements.
Interest rates
Patriot Express loans feature SBA’s lowest interest rates for business
loans, generally 2.25 percent to 4.75 percent over prime depending
upon the size and maturity of the loan. Lenders and borrowers can
negotiate interest rates which may be fixed or variable; however, there
are limits on how much a lender can charge.
For example: the interest rates are a maximum of prime + 2.25% for
maturities under seven years; prime + 2.75% for seven years or more.
The interest rates can be two percent higher for loans of $25,000 or
less; and one percent higher for loans between $25,000 and $50,000.
Who can get a Patriot Express loan
The loan is available to the following:
What the loan can be used for
The Patriot Express Loan Initiative can be used for most business
purposes, including the following:
For more information visit: www.sba.gov/patriotexpress
The Patriot Express Loan is a streamlined loan product based on the
SBA’s Express Program. This loan program comes with enhanced
guaranty and low interest rates. The new Patriot Express loan is
offered by the SBA’s network of participating lenders nationwide and
offers a fast turnaround time for loan approvals. Patriot Express loans
are available in all 50 states, the District of Columbia, the U.S. Virgin
Islands, Puerto Rico and Guam.
Loan amounts
Loans are available up to $500,000 compared to the maximum loan
amount of $350,000 available under SBA Express. The Patriot Express
loan qualifies for SBA’s maximum guaranty of up to 85% for loans of
$150,000 or less and up to 75% for loans over $150,000 up to
$500,000 which contrasts with the maximum 50% SBA guaranty that
applies to all SBA Express loans.
For loans above $350,000, lenders are required to secure all available
collateral to back the loan and may obtain collateral for smaller loans
depending upon individual bank requirements.
Interest rates
Patriot Express loans feature SBA’s lowest interest rates for business
loans, generally 2.25 percent to 4.75 percent over prime depending
upon the size and maturity of the loan. Lenders and borrowers can
negotiate interest rates which may be fixed or variable; however, there
are limits on how much a lender can charge.
For example: the interest rates are a maximum of prime + 2.25% for
maturities under seven years; prime + 2.75% for seven years or more.
The interest rates can be two percent higher for loans of $25,000 or
less; and one percent higher for loans between $25,000 and $50,000.
Who can get a Patriot Express loan
The loan is available to the following:
- Veterans (other than dishonorably discharged)
- Service-disabled veterans
- Active-duty military eligible for the military’s Transition
Assistance Program for potential retirees within 24 months of
separation and discharging active duty members within 12
months of discharge
- Reservists and National Guard members
- Current spouses of any of the above
- Widowed spouse of a service member or veteran who died
during service or of a service-connected disability.
What the loan can be used for
The Patriot Express Loan Initiative can be used for most business
purposes, including the following:
- Start-up business
- Business expansion
- Equipment purchases
- Working capital
- Inventory or business-occupied real-estate purchases
For more information visit: www.sba.gov/patriotexpress
 |  |  |  |  |  |  |  |  |  |
Micro Business Loans
Do you need just a little cash to grow your business try a microloan from the SBA.
10 Steps to Building Business Credit
Building business credit can be accomplished regardless of your personal credit
history.
Bad Credit Business Loans
The funding sources may be limited for business loans when you have bad credit but
they are existent.
Business Loan Sources
A little Creativity and al lot of determination can get you the money you need.
Do you need just a little cash to grow your business try a microloan from the SBA.
10 Steps to Building Business Credit
Building business credit can be accomplished regardless of your personal credit
history.
Bad Credit Business Loans
The funding sources may be limited for business loans when you have bad credit but
they are existent.
Business Loan Sources
A little Creativity and al lot of determination can get you the money you need.
More Resources
The Patriot Express Loan
can be used to establish a
new small business or
expand an existing business.
The Patriot Express Loan
Initiative builds on the more
than $1 billion in loans the
SBA guarantees annually for
veteran-owned businesses.
One of the major benefits
and differences in this small
business loan for veterans is
that it offers fast loan
approvals.
can be used to establish a
new small business or
expand an existing business.
The Patriot Express Loan
Initiative builds on the more
than $1 billion in loans the
SBA guarantees annually for
veteran-owned businesses.
One of the major benefits
and differences in this small
business loan for veterans is
that it offers fast loan
approvals.
Related Topics
 | Bad Credit Business Loans | |
| 8 Steps to Start a Business | |
| How to Structure your Business | |
| Social Lending for Business Loans | |
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