Nov. 11 (Bloomberg) -- William Elmore, associate administrator of the Small Business Administration, talks with Bloomberg's Margaret Brennan about the SBA's support for small-business ownership by military veterans. Elmore, speaking from Washington, says the SBA-guaranteed Patriot Express Pilot Loan Initiative has grown 20 percent this year. The loans can be used for most veteran-owned business purposes including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. (Source: Bloomberg)
Elmore Says Veterans Business Loan Program Has Grown 20%: Video
There are around 45 millions of veterans in America today. They are important members of the small business communities. Government agencies do not provide grants to veterans for starting a business. In that case, people borrow debts for the commercial purpose. If you are a veteran and wish to start your own business , then you must follow the patriot express loan offered by the president Obama that consists of various programs of Small Business Loans For Veterans for the needy people.
SBA is committed to help the service people in America and approaches directly to the patriot express loan for the people who wish to start the commercial activities, and in the process encourages job creation and growth which is an essential part to promote economic agenda.It also provides small business loans for veterans.
The patriot express loan is offered by SBA which can be used for many commercial purposes that include start-up, working capital, expansion, inventory or equipment purchases.
You will be amazed to know that more than 14% of commercial activities in America and SBA guarantees more than $ 1 billion debts annually for the owners.Therefore emphasis is also given to veterans by providing them with commercial loans.Patriot express loan is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military's transition assistance program and the widowed spouse of a service member or veteran who died during service or of a service connected disability.This loan features particularly the level of authority to the lender under the plan and they consider that patriot express loan must be used exclusively for business related purposes.
Therefore, SBA expects lenders to make use of reasonable methods to make sure that debt is used only for small commercial purpose.
All this work is done with proper verification and proofs to obtain guaranteed mortgage from federal agencies.Lenders must specify clearly that all mortgage they are providing must be only used for small business purpose . Small Business Loans For Veterans features SBA lower interest rates and they cannot charge fees before the patriot express debt is provided to the borrowers. It is generally 2.25% to 4.75% over prime rate depending upon the size and maturity of the mortgage.
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