Nov 20, 2013

Veteran? Check Out the SBA Express Loan Program

Not too many weeks ago the SBA announced it would waive borrower fees for veterans who take out a small business loan via the Express Loan Program. The program lends in amounts up to $350,000 and usually charges fees up to three percent. They’ve also eliminated fees on SBA 7(a) loans for $150,000 or less, which I think is a great move to help Main Street business owners generally—this move will benefit veterans specifically.

“Supporting veteran-owned small businesses is among the agency’s core responsibilities, and in the past year, it helped deliver $1.8 billion in loans to more than 3,000 veteran entrepreneurs,” writes J.D. Harrison for the Washington Post.” Most of those loans are made by banks, credit unions and other private lenders, but with a partial guarantee from the government.”

The lion’s share of small business loans to veterans last year were under the $350,000 ceiling, so this should be a good thing for veteran-owned small business owners.

Like any small business, veteran-owned or otherwise, success is not guaranteed—even with an SBA loan. But any time a small business owner can access capital at a lower cost, it’s a good thing. And, I think supporting those who have sacrificed and served their country in the military is a good thing too.

It takes a little cash to change the world.

So what are you waiting for?

About the author

Ty Kiisel
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get more business tips

Get the latest in business straight to your email.

Get your small business loan today.

Applying is free and it won't impact your credit
Already have an account?  
Sign in
Phone Icon

Give us a call
(855) 853-6346

Monday - Friday | 9am - 9pm Eastern Time