SBA's New Patriot Express Loans Helps Veterans

Are you a veteran, reservist or National Guard member who wants to start or grow your business? If so, you're in luck. This week, the Small Business Administration announced a new lending program, the Patriot Express Program, designed to aid small-business owners in the military community.

The loans, which feature the SBA's lowest interest rates for business loans, can be used to start or expand a business, purchase equipment, provide working capital, fund inventory or purchase office space. In a Washington Post article, SBA Administrator Steven Preston said that the program was formed to provide veterans with access to capital they wouldn't qualify for otherwise through traditional programs.

"Generally, through our research, we've found that veterans make good business owners and the degree of business ownership among veterans is higher than other demographics," Preston said in the article. "They come out [of the military] well-trained. They come out disciplined, and we want to make sure that every opportunity is available to them to start a business."