The government agency called SBA, or the Small Business Administration, has lot of loan programs which are meant to help veterans start their own business or expand their already existing business. Business financing for military veterans has become ion demand lately as more and more veterans want ways to become their very own business and not have to back to the 9 to 5 rat race. The SBA allots millions of dollars annually at very low interests to help veterans. Aside from the federal government, you can also get veterans business loans from private lenders.
The SBA’s Patriot Express Loan has the lowest rates. The interest rates range from 2.25% to 4.75% over the prime. However, this will still depend on the maturity and size of the loan. If you want to get a loan through the SBA program, you can the Small Business Administration at 1-800-827-5722. Ask the representative for the number of your states local SBA office so you can get more information about it.
Call the number you have gotten and speak to the representative. Tell him you want to get a veteran’s loan. The representative will be asking you some questions and taking down some of your information. This is a must to check if you qualify for a loan or not. If you do qualify, you will be sent a VA business loan application. The most popular loan from the federal government is the Patriot Express Pilot Loan Initiative. One of the things which is needed t be able to qualify is to be an active service member or a retired military veteran. Disabled veterans and spouses of any of the above people mentioned can also apply.
Fill out the loan application and make sure that you enter the correct and complete information. Check it for errors and then send it back to the local office of the Small Business Administration. You can also fill out the form online. Go to www.SBA.gov and look for the Patriot Express Pilot Loan Initiative. Look over the qualifications and then print out a copy of the application. After you are done filling it out, you have to send it to the local office of your SBA. You can also deliver it in person if you want.
Wait for about two to three weeks but if you still have not heard anything from your application, call SBA again at the number listed above to follow up your application. The representative will be able to check your status and tell you if it has been approved or not. If it has not been approved, the representative will tell you why.
Approved Lenders of Patriot Express
- Willow Financial Bank, Wayne, Pennsylvania
- Winona National Bank, Winona, Minnesota
- Whitney National Bank, Jefferson, Louisiana
- Zions First National Bank, Sacramento, California
- Yellowstone Bank, Billings, Montana
- Wright Patt Credit Union Inc., Fairborn, Ohio
- York State Bank and Trust, York, Nebraska
- Wilson & Muir Bank & Trust Company, Bard, Kentucky
- Woodsville Guaranty Savings Bank, Woodsvile, New Hampshire