Business Loans for Veterans

Business loans specifically tailored for veterans are available.  Here are some one's to consider.

Small Business Administration (SBA) Small Business Loans

The U. S. Small Business Administration (SBA), through its SBA Patriot Express Pilot Loan Initiative, seeks to provide funding to veterans and military community members interested in starting or expanding their businesses. These small business loans are available to qualified individuals, including veterans, veterans that are service-disabled, active-duty service personnel eligible for the military's Transition Assistance Program, members of the National Guard and Reservists, spouses of all of the above, and widowed spouses of veterans or service members who died during service or from a service-disabled injury.

How Do SBA Business Loans for Veterans Work?

The loan program available to veterans through the SBA begins with a self-assessment tool, available through the SBA. Essentially, it's a checklist for analyzing readiness for self employment and provides information on business financing. Financing is available through the SBA's nationwide network of participating lenders, and in amounts up to $500,000. Such loans qualify for a maximum SBA guarantee of up to 85% for loans of $150,000 or less, and up to 75% for loans that exceed $150,000 (up to $500,000). Lenders must take all require available collateral for loans above $350,000, per SBA rules.

What Business Purposes Qualify?

The SBA's Patriot Express Loan is flexible to accommodate a range of veterans' business purposes. These include start-up business, expansion of an existing business, purchase of necessary or desired equipment, to provide working capital, for inventory, and for business-occupied purchases of real estate.

Lowest Interest Rates for Business Loans Veterans Through SBA

The SBA's commercial loan for veterans program (Patriot Express Loan) features the lowest, according to the SBA, interest rates for business loans. Generally, these interest rates range from 2.25% to 4.75% over prime, depending on the loan size and maturity.

Approved Patriot Express Lenders

Currently, there are 12 approved Patriot Express Lenders. The lender name, city and state are as follows:

  • Whitney National Bank, Jefferson, Louisiana
  • Willow Financial Bank, Wayne, Pennsylvania
  • Wilmington Trust Company, Wilmington, Delaware
  • Wilson & Muir Bank & Trust Company, Bard, Kentucky
  • Winona National Bank, Winona, Minnesota
  • Woodsville Guaranty Savings Bank, Woodsville, New Hampshire
  • Wright Patt Credit Union Inc., Fairborn, Ohio
  • Wyoming Bank & Trust, Cheyenne, Wyoming
  • Wyoming National Bank, Riverton, Wyoming
  • Yellowstone Bank, The, Billings, Montana
  • York State Bank & Trust, York, Nebraska
  • Zions First National Bank, Sacramento, California