One option available exclusively to the military community is the Patriot Express Loan Program, offered through the U.S. Small Business Administration (SBA). The Patriot Express initiative provides low-interest loans of up to $500,000 and ensures a quick turnaround in the lending process. Lending in the Patriot Express program grew 20 percent from fiscal year 2008 to fiscal year 2009, despite the current credit crisis.
Callout: For more information about the Patriot Express Pilot Loan visit www.sba.gov/patriotexpress
William Elmore, associate administrator for Veteran Business Development at the SBA, said the agency works with thousands of lenders and helps identify viable sources for financial backing for a new business. The SBA also offers the Microloan Program.
“We have more than 200 micro lenders and community organizations across the country that offer financing up to $35,000 to small businesses that come and apply to them,” Elmore said. “Veterans are one of our targeted groups for the Microloan Program. If you’re just starting out and you need a little bit of money, it’s a great place to start.”
Callout: To find your local SBA office visit www.sba.gov/localresources/index.html