SBA Patriot Express Pilot Loan Initiative

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Patriot Express Pilot Loan Initiative


Overview

The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand 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 died during service or of a service-connected disability

*The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative.


Start with a Self Assessment

You’ve got an idea for a business. Now it’s time to evaluate if your dream of starting a business can be a reality. The Checklist for Starting a Business is a comprehensive tool designed to prepare you for self employment by analyzing your responses in key areas and providing a menu of supporting resources.

Link
http://www.sba.gov/patriotexpress/index.html

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Patriot Express Loan Initiative

The new Patriot Express loan is offered by SBA’s network of participating lenders nationwide and features our fastest turnaround time for loan approvals. 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 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.

Patriot Express loans feature SBA’s lowest interest rates for business loans, generally 2.25 percent to 4.75 percent over prime depending upon the size and maturity of the loan. Your local SBA district office will have a listing of Patriot Express lenders in your area.

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And FYI: Bank of America's policy is that you must first apply for one of their standard business line of credit loan instruments, and then if rejected, they will consider the applicant for an SBA loan, be it a Patriot Express or other SBA loan.

It would appear that B of A wants to make sure it hasn't missed an opportunity to make the most money, regardless of whether that is in the best interests of the veteran applicant.

Even though there are billions of taxpayer dollars in B of A's coffers right now, and they don't have to answer to anyone as to how that revenue is managed.

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I applied today with Wells Fargo. They are writing hundreds of these loans.
The guy I talked with said that B of A was only doing SBA loans for commercial real estate, they don't want them otherwise.

At first I thought he meant they wanted to collateralize the loan with CRE, but it's funding the purchase of the real estate.

B of A is the worst in my opinion.