A new program designed for the military has been created and called the Patriot Express.

By: Paul Chavez

The SBA's network of nationwide lenders offers the quickest turnaround time on the new Patriot Express loan. Loans are available up to $500,000 and qualify for SBA’s maximum guaranty of up to 85 percent for loans of $150,000 or less and up to 75 percent for loans over $150,000 up to $500,000. For loans above $350,000, lenders are required to take all
available collateral.
The SBA has lot of programs aimed to support people who suffer an economic or social disadvantage, and provide assistance to rebuild economically depressed or hurricane shattered communities. According to Joel Szabat, the SBA’s Chief of Staff, “The SBA has only one set of programs designed to help people, not for who they are or where they live, but for what they done. These are programs the SBA
has established to serve those who have taken up arms and risked their lives for our country.Patriot Express was a recommendation given to the president by one of the task forces greatest heroes on the war on terror, the Secretary of Veterans Affairs,Jim Nicholson. There are approximately 1.2 million men and women on active duty, 1.8
million in reserves and the National Guard. Of that total, 1.5 million have been deployed to Afghanistan and Iraq since the war on terror began.
By the numbers.
There are nearly 45 million veterans in America today. Veterans are an important part of the small business community. The Small Business Association has statistics that show fifteen percent of all veterans are self-employed.
Patriot Express Pilot Loan Initiative
Overview
The U.S. Small Business Administration's Patriot Express Pilot Loan Initiative offers services to veterans and their families, making it easier for them to start or grow with a business.

Military members and their relatives who are eligible:
• Veterans
• Veterans disabled while on active duty
• Active-duty service members who qualify for the Transition Assistance Program
• Members of the Reserve and National Guard
• Spouses of any of the above
• Widows and widowers of active service members or veterans who died in service or as a result of a service related disability

The SBA and resource supporters are making efforts to augment this loan initiative through increased counseling and education programs.

To qualify for being a Reservist or National Guard member one must be a current member of the Reserve or Guard. (and the people they are married to).
Former members of the National Guard and Military Reserves. and also spouses are not eligible, unless they qualify from active duty as Veterans.
The basic requirement is the certified copy of a DD Form 214, which is given to all veterans other than those who are dishonorably discharged.

The Patriot Express loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
Due to the special nature of Patriot Express, particularly the level of authority and autonomy delegated to lenders under this initiative, SBA is particularly concerned that Patriot Express loan proceeds be used exclusively for business-related purposes. SBA therefore expects lenders to use reasonable methods to ensure that loan proceeds are used for business-related expenses, which means conformance with verification procedures at least as thorough as those used for their non-SBA guaranteed commercial loans. At a minimum, lenders must thoroughly communicate to borrowers that all SBA loan proceeds must be used only for business-related purposes, must clearly set forth that requirement on the loan authorization, and must secure a certification from the borrower that all loan proceeds will be so used.
Loans from Patriot Express tend to have the lowest interest rates available from the SBA.25 percent to 4.75 percent over prime depending upon the size and maturity of the loan. Prepayment fees cannot be charged by the lenders on SBA loans

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Paul Chavez is an experienced business consultant, who has been helping entrepreneurs for over 10 years. He specializes in working with aspiring owners with finding the financial assistance they need to make their dream of owning their own company, and making it successful, a reality. He is also proud of being the business consultant of America’s Heroes. The Patriot Loan Initiative can be used for most business purposes. You will receive a free consultation with out any obligation to sign up. To raise the capital you need for your business, let our expertise be your guide. Visit us at: www.candacapital.com/SBA_20_Loans.html

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