Veterans seeking to start a business should know about the small business programs available to them to assist in raising start-up money. These programs provide support to qualifying businesses in much the same was as VA home loans. While the VA does not provide loans itself for businesses, it does have a large support network for veterans, and works closely with the Small Business Administration (SBA), which does provide loan guarantees for veterans. Get here for more information on the VA Entrepreneur program.
Patriot Express Loan Initiative:
The Patriot Express Loan Initiative is a program of the SBA that provides loan guarantess for up to $500,000 thereby providing very favorable interest rates for qualified individuals. Patriot Express is available to military community members including:
- service-disabled veterans,
- active-duty servicemembers participating in the military's Transistion Assistance Program,
- Reservists and National Guard members,
- current spouses of any of the above, and
- the widowed spouse of a servicemember or veteran who died during service or died of a service-connected disability.
The Patriot Express program also makes available counseling and training programs for qualifying individuals, and the SBA works hard to assist applicants throughout the process. Go here to read more about the Patriot Express program or call the SBA at 1-800-827-5722.
Military Reservists Economic Injury Disaster Loan:
The Military Reservists Economic Injury Disaster Loan (MREIDL) is a program of the SBA, and is available to military reservists who are called up to active duty and who own a small business in which they are an essential employee. The loan program is designed to provide income to help the business meet its expenses while the essential member (the reservist) is away on duty. The loans are not designed to make up for lost profits, but simply to help sustain the business until the reservist owner returns. Go here to learn more about this program or call the SBA at 1-800-659-2955.