New help for military entrepreneurs - Second Military Careers - Military Times

New help for military entrepreneurs

The Small Business Administration has enlisted banks across the country in a new loan program reserved for military veterans. The loan features fast approval times, low interest rates and up to $500,000 to help start a business or expand one.

Patriot Express Loans offer rates of 2.25 percent to 4.75 percent over prime, depending upon the size and maturity of the loan. Processing has been streamlined, meaning approval in about a day or two, said Stephanie Watkins, agency administrator for the Philadelphia region.

The Small Business Administration also offers counseling and training for entrepreneurial veterans. Contact your local SBA office.

Who’s eligible?

The Small Business Administration’s Patriot Express Pilot Loan Initiative aims to help military community members and their spouses establish or expand small businesses. Eligible participants include:

• Veterans.

• Service-disabled veterans.

• Active-duty service members eligible for the military’s Transition Assistance Program.

• Reserve and National Guard members.

• 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.