For veterans and other military personnel who have longed to have a business enterprise of their own, financing can be a bit of a hassle especially if they do have adequate funds to start their business. But with the Small Business Administration’s (SBA) Patriot Express Program, looking for the right funding source is practically covered. The SBA Patriot Express Program is design to aid veterans and other members of the US military forces to start or expand their business with a funding scheme that offers high amounts with low interest rates.
The SBA Patriot Express Program does not directly provide the funds for applying veterans and other military personnel. Rather, it offers guarantees to lending banks and participating financial institutions once the loan is approved. The US Government backs up to 85% for loans less than $150,000 and 75% for loans over the same amount. Eligible veterans and military personnel can apply for up to $500,000. And the best thing about the Patriot Express Program is that veterans enjoy a very fast turnaround rates and interest rates that play around 2.25% to 4.75% over prime, the lowest among the available SBA loan programs.
An applicant must be among the following to attain eligibility for the SBA Patriot Express Program:
Veterans of the US Army, US Navy, US Air Force, and United States Marine Corps (including veterans disabled during military service);
Active military personnel who are qualified for the US Military’s Transition Assistance Program;
Reservists and members of the National Guard;
Current spouses of those stated above;
Widowed spouses of US military personnel who died while in active service or due to service-related causes.
For those who would like to avail of the Patriot Express Program of the SBA, it is important to understand that they are required to guarantee 20% or more of the amount they wish to borrow from the lending institutions and participating banks. This personal guarantee can be covered in the form of sufficient business collateral and personal assets.
The SBA Patriot Express Program has helped hundreds of veterans and military personnel to lead financially stable lives even after their life in the military forces. One story of success is about Craig Hartzell, owner and founder of Azimuth Inc.
In the early years of his company, Hartzell experienced a lot of hardships before his company established a strong foothold in the defense contracts industry. With SBA-backed loans, Hartzell managed to steer his company from financial ruin and into success. Hartzell was also named as the 2010 Small Business Person of the Year by the SBA. Like Hartzell, many US military veterans can have the opportunity to start their own business and become free from financial worries with the SBA Patriot Express Program.