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BusinessWeek:
New Government Pilot Loan Program Aims to Speed Approvals for Servicemembers
The Small Business Administration is testing a new program, Patriot Express, to speed loans to entrepreneurial veterans and members of the military.
The new program will lend up to $500,000 compared with the $350,000 maximum of comparable nonmilitary loans, and will offer government guarantees up to 85%, versus 50% on nonmilitary loans - which encourages banks to make the loans.
The loans will be available to spouses of active members of the military, as well as to widowed spouses of those who die while in the military. In addition, SBA officials promise decisions within a day or two of application.
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