SBA targeting military with new loan program

On June 13, the Small Business Administration unveiled a new loan program, the Patriot Express Pilot Initiative, designed to help veterans and members of the military and their families start or expand small businesses.

Loans under the Patriot Express program can be as high as $500,000, as compared with the $350,000 ceiling on loans under the SBA Express Program. Patriot Express loans are backed by a guarantee of 85 percent up to $150,000 and 75 percent up to $500,000, compared to the normal 50 percent guarantee. Interest rates under this new program range from 2.2 percent to 4.75 percent above prime, depending on the terms of the bank.

In addition, Patriot Express loans can be processed within one day, compared with the six-day average turnaround time for traditional SBA loans.

Members of the military who are eligible for Patriot Express loans include:

  • Veterans

  • Service-disabled veterans

  • Active-duty service members eligible for 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

    More information on the Patriot Express Initiative can be found at the SBA Web site.

    You may like these other stories...

    The Governmental Accounting Standards Board (GASB) on Monday defined two approaches for measuring assets and liabilities, which officials said will guide the standard-setting organization in establishing accounting and...
    The criteria for reporting a discontinued operation on financial statements was revised by the Financial Accounting Standards Board (FASB) on Thursday.According to Accounting Standards Update No. 2014-08, Presentation of...
    Tax writers seek Section 179 extensionTwo tax writers – representatives Pat Tiberi (R-OH) and Ron Kind (D-WI) – are seeking to extend long-term a tax break that allows small businesses to immediately deduct the...

    Upcoming CPE Webinars

    Apr 17
    In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
    Apr 22
    Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
    Apr 24
    In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
    Apr 25
    This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.