Military Loans Explained
Military loan is also known as Patriot Express Loan. This loan is provided
to military community including Veterans, Active-duty in transition,
Service-disabled, Spouses, Reserve and Guard, and Related Group.
In 2007, Small Business Administration (SBA) started this Patriot Express
Loan/ Military Loan loan to support veterans, and spouses in starting
businesses. This loan is fashioned in a way it is offered to businesses
which are 51% or more owned/ operated by Veterans, Reservist and National
Guard, Active-duty members in transition, current Spouse of above said and
the widowed spouse of Service member.
Patriot Express Loans/ Military loan can be used to commence business,
expand business, to purchase equipments or purchase inventory, used as
working capital, or for buying Business-occupied real estate.
Patriot Express is a modernized loan product based on SBA's extremely
successful SBA Express Program, with enhanced guarantee and interest rate
In June 2011, SBA announced this program has issued over $633 million in
guaranteed to more than thousand military service members and spouses. More
than 773 lenders active in this program, the SBA continue to provide
express service to eligible individuals seeking business loans.
This Loans features Small Business Administrations quickest turnaround time
for loan approvals and with lowest interest rates for business loans,
usually 2.25% to 4.75% over prime depending upon the size and maturity of
The maximum loan amount available under this program is $500,000 and enable
for SBA's maximum guaranty of up to 85% for loans of $150,000 or lower and
up to 75% for loans above $150,000 up to $500,000. . Prerequisites and
limits follow those of SBA's 7(a) loan program. Collateral is requested for
loan above $350,000.
Lately, the Small Business Administration has extended its face by expansion
of its Veterans Affairs Office, to the military community, which increased
local outreach and aiming in its district offices and involvement in
Department of Labor job seminars.
SBA offers programs and services for veterans and members of the military
community desiring to build or expand small businesses. Veterans' business
development officers are available in district offices of every state and
territory which furnish military community members broad access to the SBA's
variety of programs and services.
Military Loans With no Credit Check page at articlelogy