Patriot Military Loan

Although we may not like to think about it, the people serving in our armed forces often need financial help. It has been said that government does not pay well, and military personnel certainly prove that old axiom; their pay scales are quite low. So, there are a variety of programs – both government and private – in place to help them.

One of them, offered by the United States Small Business Administration (the SBA), is the Patriot Military Loan; also known as the Patriot Express Pilot Loan Initiate. The SBA created the Patriot Military Loan program to help veterans and active duty servicemen and women.

Essentially, any able-bodied veterans, any disabled veterans – so long as the disability is service-related, active duty personnel, members of the reserves and national guard, the current spouses of these same groups, and the widows (widowers) of a veteran who died of a service-related injury or a service member who died in the line of duty are eligible for this type of loan.

Now, the Patriot Military Loan is aimed at helping these people to start a business.The program uses a network of lenders all over the country, and is known for having very fast processing time.

The SBA has it set up so that people can get loans up to $500,000; and the administration

While the Patriot Military Loan is primarily intended for a business, it can be applied to just about any business-related matter. The borrower can use it for start-up costs, expansion of an existing business, to buy equipment, use it as working capital, use it to buy inventory, and even buy real estate – so long as it is related to the business.

When applying for a Patriot Military Loan, the Small Business Administration makes the loans very attractive by offer competitive interest rates. Depending on the credit rating, assets etc. of the borrower, the rate can be just over two percent to a little under five percent above prime. Of course, there are other factors that play into the process. The SBA will look at the size of the loan, and the term (the time period) for it.

For military personnel and / or their spouses who are interested in the Patriot Military Loan program, the best place to start is by visiting a local office of the Small Business Administration, or their web site. Going to www.sba.gov/patriotexpress is a good place to get the full information on the program.

The site also has a full listing of the forms needed for applying for a loan, and also lenders that are approved to give out the loans. This can be a critical factor when military personnel are looking for a loan. Unfortunately, there are many predatory firms in the world, and they welcome the chance to take advantage of people, even servicemen and women, veterans, and their spouses.