SBA Express and Pilot Programs
The SBA has an express loan program and a pilot program. These programs offer an easy and fast loan process for certain groups of people. Particularly active duty military personnel, veterans, and people who are from poorer communities.
The SBAExpress program is for small business owners who would like their SBA application reviewed within 36 hours. Along with the fast turnaround the Express program offers loans with lower interest rates.
The Patriot Express Loan is a piloted program for startup small businesses owners who are veterans or currently in the military. Those who receive the loan are able to have counseling and training.
Here is a list from SBA of the military members who can receive this loan. Veterans, service-disabled veteran, active-duty service members eligible for the military's Transition Assistance Program, Reservists and National Guard members, current spouses of any of the before mentioned along with widowed spouses of service members or veterans who died during service.
The loan money can be used for startup costs, equipment purchase, business-occupied real-estate purchases, inventory, infusing working capital, managing your business, expansion, preparing your business for potential deployment, setting up services to the government or sell goods, and disaster recovery.
This Patriot Express program has the lowest business loan interest rate. It is normally a 2.25 percent to 4.75 percent depending on size and end day of the loan. In order to find lenders go to an SBA district office.
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