Military veterans to receive three more years of Patriot Loans

6/30/2011

The Small Business Administration's Patriot Express Loan program, which offers veterans the lowest interest rates and the highest guarantees on business loans, has been extended for three more years, according to The Street.

Launched in 2007, the program offers SBA-backed loans of up to $500,000 to military veterans with entrepreneurial needs such as startup costs, expansion, equipment purchases, working capital or inventory.

"The impact of this program the last four years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create jobs and drive economic growth at a critical time for our country," Karen Mills, SBA administrator, said in a statement quoted by the news source.

According to the SBA'S Office of Advocacy, these loans are especially worthwhile, considering veterans are approximately 45 percent more likely to be self-employed compared to those without military experience, according to SBA statistics.

The Phoenix Business Journal reports that in Arizona, the Patriot program has handed out a 170 loans for a total of $10,472,400.