Calling All Veterans

Mon, 23 Jan 2012

The SBA has made it a top priority to assist veterans in financing their businesses or even starting up a business. In June of 2007, the SBA created the very popular SBA Patriot Express Loan Program. This loan program, known as the “GI BILL” for businesses, has a maximum loan amount of up to $500,000. It is available to all honorably discharged veterans from active duty, National Guard or Reserve service. The program is also open to existing service-members transitioning out of the military where their service requirements have ended. Even spouses of veterans are eligible for this program. The SBA does require the veteran to own at least 51% of the business. A DD214 is the only service-related document that is required. A DD214 is essentially a one-page record of the veteran’s military record. Obtaining their DD214 can be done online here.This is a third party link. Please review the third party content guidelines by clicking here for more details.

 

How Can You Use the Funds?

Loan proceeds can be used as a line of credit, a term loan or an owner-occupied commercial mortgage. The veteran can buy a business, finance working capital in a line of credit, purchase machinery and equipment, purchase inventory, or as mentioned above, start a new business.  

 

Skills to Pay the Bills

With the large number of service members returning from both Iraq and Afghanistan, the Patriot Express Loan Program can be a great resource to veterans and is also a wonderful way to assist in job creation. The US Department of Labor has reported 12% of Iraq and Afghanistan war veterans are unemployed. Many veterans have obtained valuable skills and resources that are transferable to the civilian world and some will create new opportunities for themselves that may require financing. The SBA attributes the potential success as business owners to leadership and management skills veterans learned during their active duty and reserve service that are ideally suited for achievement as an entrepreneur. In the private-sector workforce, veterans are roughly 45% more likely than those without active-duty military experience to be self-employed, according to a recent study commissioned by the SBA's Office of Advocacy.  

 

Did You Know?

One in seven veterans are self-employed or small-business owners, according to the SBA. About 25% of veterans say they are interested in starting or buying their own business. Many banks offer SBA Patriot Express loans, but it is important to work with a bank with experience in the Program. Knowing the requirements and paperwork to cut through any red-tape to obtain a decision as quickly as possible is very important. Experienced lenders will also guide and recommend the correct loan structure and some even reduce fees and interest rates as a “thank you” for their service to our Country.

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6 comment(s).

Gina
February 21, 2013 at 9:29 am
Who can I speak with that has experience with the SBA Patriot Express Loan at Webster? I have called numerous times and it seems not to many of the associates are familiar with it or even know it exists.
February 21, 2013 at 10:35 am
Hi Gina - Give Bob Polito, the author of this post, a call. Here's his contact information: Bob Polito Email: rpolito@websterbank.com Cell: 203-823-7664 LinkedIn: www.linkedin.com/in/robtpolito
Gina
February 23, 2013 at 12:44 pm
Thanks for the info Dawn!
Rachelle and scott
October 11, 2013 at 12:30 pm
I am an honorably discharged vet and served for 6 years.My credit is not very good, but I have worked for Edison for 15 years and make verifiable income of 100,000 a year. I have come on hard times and wanted information about a personal loan; I do not own a home. Thanks- Rachelle and Scott
October 11, 2013 at 1:30 pm
Hi Rachelle and Scott! First off we would like to commend you and thank you for your services! A loan specialist can gladly look into what we can do for you. Our sales bankers are available from 8:30 a.m. to 8:00 p.m. Monday through Thursday, 8:30 a.m. to 5:30 p.m. Friday and 9:00 a.m. to 12:00 p.m. Saturday. They can be reached at 1-888-4WEBSTER.
October 11, 2013 at 4:05 pm
We are going to have a loan specialist reach out to you via e-mail to discuss your options. We would love to see what we can do.