Veterans and other members of the military community could be eligible for a variety of low-interest loan programs, according to Raleigh SCORE, a nonprofit association that offers information resources, training, and free counseling.
The Patriot Express Loan Pilot Loan Initiative, created by the U.S. Small Business Administration to provide expedited loans of up to $500,000, is the most popular, according to a recent Raleigh SCORE blog entry. To qualify, at least 51-percent of the company has to be owned and controlled by veterans or military community members.
“Patriot Express loans feature the SBA’s lowest business loan interest rates—generally 2.25 to 4.75 percent over prime depending upon the loan’s size and maturity,” the blog entry states. “The loan can be used for most business purposes, including start-up, expansion, purchases of equipment and/or inventory, working capital, or business-occupied real-estate purchases. Following approval by the lender, most Patriot Express applications receive SBA approval within 24 hours.”
The SBA and its resource partners can also help reservists prepare their business before deployment, manage their businesses, sell goods and services to the government, and obtain other SBA financing and financial assistance.
Veterans can learn more about financing and other small business issues from Raleigh SCORE. For more information, call Raleigh Score at 919-856-4739 or visit its website here.