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A military small business loan had been unheard of for decades until the SBA (the United States Small Business Administration) created a new program specifically for military members and veterans. This program, known as the Patriot Express Loan Initiative, is meant for the veterans and spouses in order to create or expand current or new small businesses. The program, which was created in March 2008, is considered an entrepreneurial investment by the government to help jumpstart a small portion of the economy.
The Patriot Express loan is part of the SBAâ€™s Express Loan Program. Unlike traditional loans, however, this military small business loan promises lowered interest rates and higher lending amounts. The loan program is also widely available, after being approved in all 50 of the states in America. The loan guarantees up to half a million dollars, with the minimum amount being nearly $150,000 dollars. The Patriot Express military small business loan also has the SBAâ€™s lowest interest rates for all of their small business loans, with rates typically around 2% and maxing out at 5% overall.
Should a retired veteran seek a military small business loan over a traditional small business loan? Absolutely. With a staggering economy, many entrepreneurs are hesitant to go out and take advantages of booming niche markets. Veterans have guts and courage to take a risk, which is what our economy and the business realm needs more now than ever. The Patriot Express military small business loan not only offers you better rates, but also lower payments and less chance of penalties. The result: a natural competitive edge! While your competitors are paying higher rates and penalties, you will be reaping the benefits of a program only entitled to ex-soldiers such as yourself. For any aspiring entrepreneur or small business owner, it would be plain stupid for them not to take advantage of these terms if they are looking to start or expand a business. The military small business loan is only one more way that a soldier can benefit from his or her service years after they have retired. The government is letting them know that anyone can open a business; it just takes a little guts. Something that soldiers have for sure.