BizCoach: Patriot loans are available to veterans
What are the rules for U.S. Small Business Administration loans for disabled veterans?
A. Basically, the government’s SBA loan programs are operated through private-sector lenders. The agency does not lend money or make grants. It does, however, guarantee loans made by banks, credit unions and other private lenders.
SBA lenders in the local community offer what’s known as the Patriot Express Loan Initiative. One of its features is an expedited turnaround time for loan approvals. Loans of $150,000 or less qualify for the SBA’s guarantee of 85 percent. Those greater than $150,000 to $500,000 are guaranteed up to 75 percent.
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