The News Journal:
Leaving the military can be a mixed blessing for a breadwinner. For years, the big career decisions were made for them, and life’s structure was more predictable. In the civilian world, vets who want to start a business can find that the military’s spirit of unified purpose has been replaced by the self-interest of the marketplace.
From now on, these ex-military entrepreneurs have at least one ally.
The Small Business Administration has enlisted banks across the country in a new loan program reserved for military veterans, which features fast approval times, low interest rates and up to $500,000 to help start a business or expand one. Patriot Express Loans offer rates of 2.25% to 4.75% over prime, depending upon the size and maturity of the loan.
Processing has been streamlined, meaning approval in about a day or 2, said Stephanie A. Watkins, SBA administrator for the Philadelphia region. More.
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