By Veterans Transitional Services

Approximately eight months ago the U.S. Small Business Administration launched a new loan program called the Patriot Express Loan. This new program provides loans of up to $500,000 to military community members, including veterans, service members leaving active duty, Reservists and National Guard members, and their current spouses. The way that the program works is that the Small Business Administration guarantees up to 85 percent of loans up to $150,000 and up to 75 percent for larger loans. This means that the banks that issue these loans have very little risk and should be willing to grant them more easily than other loans that have no government backing. So far it appears that the average loan amount made in the last eight months was $101,000. According to the Small Business Administration they stated that about 860 lenders are participating in this program nationwide.

This is appears to be a great resource for any veteran considering starting their own business. However, based on some news reports that VTS has come in contact with it appears that few veterans are even aware that this program even exists. If you are a veteran or the spouse of a veteran as listed above, why not stop by your local bank and get some free information. Who knows, this may just be what you need to take your business forward and lets you live your dreams.