HELPING THE MILITARY COMMUNITY WITH BUSINESS
The U.S. Small Business Administration (www.sba.gov) has a new and enhanced program for veterans and members of the military community who want to establish or expand their small businesses. Eligible military community members include:
Veterans
Service-disabled veterans
Active-duty service members eligible for the military's Transition Assistance Program
Reservists and National Guard members
Current spouses of any of the above
The widowed spouse of a service member or veteran who has died during service or of a service-connected disability
PATRIOT EXPRESS LOAN INITIATIVE www.sba.gov/patriotexpress/index.html
The new Patriot Express loan is offered by SBA's network of participating lenders nationwide and features the fastest turnaround time for loan approvals. Loans are available up to $500,000 and qualify for SBA's maximum guarantee of up to 85% for loans of $150,000 or less and up to 75% for loans over $150,000 and up to $500,000. For loans above $350,000, lenders are required to take all available collateral.
The Patriot Express can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business occupied real-estate purchases.
Patriot Express loans feature SBA's lowest interest rates for business loans, generally 2.5 % to 4.75% over prime depending upon the size and maturity of the loan. Your local SBA district office will have a list of Patriot Express lenders in your area.
For Veteran Outreach Areas and a listing of their services, go to www.sba.gov/aboutsba/sbaprograms/ovbd/OVBD_VBOP.html
SBA's resource partners, which includes the Small Business Development Center at Onondaga Community College, provide local and online business assistance with:
- Writing a business plan
- Financing options to start or grow your business
- Managing the business
- Expanding the business
- Selling goods and services to the government
For your local SBA office, go to www.sba.gov/localresources/index.html or contact James Quackenbush, Veteran Affairs Officer, at 315.471.9393, ext. 252 or james.quackenbush@sba.gov