Small Business Loan Guarantees renewed for businesses older than 3 years

Written on December 23, 2010 – 11:52 pm | by Ashley Johnson

The U.S Small Business Administration has recently renewed an initiative that guarantees $560 million of loan grants to private parties and small businesses operating in the US for more three years. This grant is guaranteed to more than 7,000 veterans who are running small businesses.

An enhanced guarantee is being provided by the Patriot Express, a pilot loan product that is based on the agency’s SBA Express program. The reduced interest rate on loans thus is confirmed for small businesses that are owned by veterans, reservists and their spouses.

Such loans are offered by participating lenders and it ranges up to $500,000. This amount then can be used for any business purposes that include start up, working capital, expansion, inventory, buying equipment and real estate.

The local SBA district offices come up with a list of Patriot Express lenders. All forms of counseling and procurement support are also provided by the agency.

Perfect Business!