Active, Guard, and Reserve, and spouses loan program

In today’s troubling economic times it behooves veterans to consider this program if they are starting a small business. The part of the program that is most interesting is that current spouses of Active, Guard, and Reservists can utilize the program. What a great benefit for the spouses who are considering starting a small business and unlike many of the veteran benefits the patriot loan program isn’t limited to just the service member.

The Patriot Loan Express program is a pilot program through the Small Business Administration (SBA) that’s helps veterans get loans for small business needs. The SBA has given out $230 million dollars already with an average loan size of $91,000 (The American Legion, 2009). Loans are available for amounts up to 500,000 and qualify for loan guarantees as high as 85% from the SBA.


1. Go to www.sba.gov/index.html

2. On the left hand side near the middle is a an expandable list, click on veterans

This is the Part of the where the veterans’ services are located.

According to the SBA fact sheet the following groups are eligible for the program

• Veterans
• Service-disabled veterans
• Active-duty service members participating in 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 Patriot loan program can also be used by existing businesses for expansion, to purchase equipment and inventory. In addition to the loan program the SBA also has free counseling services available to help veterans start a small business.


References:

The American Legion Magazine. (2009). Patriot Express loans work for veterans.

Small Business Administration. (2009). SBA Patriot Express Pilot Loan Initiative. Retrieved on February 23, 2009 from,
www.sba.gov/idc/groups/public/documents/...ckgrounder_patri.pdf