Military Loans

Military Loans Explained

A 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 equipment’s 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 characteristics.

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 Administration’s 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 loan.

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.

A Military Loans With no Credit Check page at articlelogy

Here's a Great hosting!

2009 - 2019