The Small Business Administration sponsors several programs designed to support small businesses all across the country. Two of these programs are the Express and pilot programs. Both of these programs offer expedited and streamlined lending procedures for certain borrowers, including borrowers from distressed communities, veterans, and active duty military personnel.
The SBA Express Program
The Small Business Administration’s Express program offers a faster turnaround time for the SBA’s review of small business owners’ loans. Business owners who use this program can receive an application response in 36 hours or less. Additionally, small business owners applying for loans through the Express program can access lower interest rates.
Patriot Express Program
The SBA created the Patriot Express Pilot Loan Initiative to provide support to members of the military community and veterans who want to launch or expand a small business. The Small Business Administration and its associates are working hard to augment this initiative by providing training and counseling.
Military members eligible for this SBA loan program include the widowed spouse of a veteran or service member who lost his life because of a service-connected disability or during actual service, active duty service members who qualify for the Transition Assistance Program, national guard members and reservists, service-disabled veterans, and the spouses of any of these people.
If you qualify for an SBA loan under the Patriot Express program, you can use the proceeds of the loan for recovery from a declared disaster, setting up services or goods to sell to the government, preparing a business for the possibility of your deployment, expansion, managing your business, infusing working capital, inventory, real estate purchases, equipment purchases, and start-up costs.
SBA loans under the Patriot Express program have the lowest interest rates on business loans available from the SBA. In most cases, the interest rate ranges between 2.25 and 4.75 percent over prime. However, these values depend on the maturity and size of the loan.
To apply for funding for your small business, use the form on the right to begin the application process.