A special Small Business Administration (SBA) loan program for veterans has increased since the Recovery Act. The SBA’s Patriot Express Pilot Loan initiative provides loans to veterans and their spouses to be used for business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases.
The Patriot Express loans are similar to other streamlined loan products and include an enhanced guaranty and interest rate. Loans are available up to $500,000 and qualify for SBA’s maximum guaranty rate of up to 90 percent. Interest rate maximums range from 2.25 percent to 2.75 percent. Those in the military and veterans are eligible for the loan program and most applications are approved within 24 hours.