Qualifying for the SBA Loan Patriot Express Pilot Program

To qualify for the SBA Loan Patriot Express Pilot Program, you must be a present or former Armed Forces member or their spouse and own or control at least 51% or more of the small business that will benefit from the loan. Over and above the SBA loan program's standard eligibility regulations are particular conditions regarding the good or ill standing of the veteran or active duty member.

What Are The Specific Qualifying Conditions?

The two types of qualifying conditions in this particular SBA loan program concern the good or ill standing of a veteran or active service member and the controlling ownership conditions of the small business in question. The patriot express loan program is reserved for veterans, those active duty service members who are eligible for the military's transition assistance program, disabled service veterans, reservists and National Guard members, as well as the spouses and widows of service members. Moreover, it is reserved only for those small businesses where veterans, certain active duty, reservists or National Guard members own or control 51% or more of the target business. However, these are merely the general stipulations.

Specifically, these 51% owned businesses may only be owned or controlled by veterans who have been honorably discharged from military service. Or, they must be owned by active duty members and those potential retirees within 24 months of separation and discharge, those active duty members within 12 months of direct discharge or reservists and National Guard members.

Other SBA Loan Program Qualifications

Apart from the above outlined specifics, standard SBA loan program eligibility regulations apply. The surest and most efficient way to obtain this and other pertinent information regarding the state of your small business loan is by taking a few moments to fill out the "checklist for starting a business"; a comprehensive online tool designed to analyze the particulars of your situation in order to determine the viability of your business plans. This and other relevant forms can be found on at http://www.sba.gov/patriotexpress/sba_patriot_resources.html. In addition to this, there are five Veteran's Business Outreach Centers located throughout the United States in Albany, NY; Pittsburgh, PA; Lynn Haven, FL; Edinburg, TX; and Sacramento, CA. These centers provide a wide array of counseling, teaching and advisory services specifically formulated for armed service members and can supply you with all the information and documentation the SBA loan program requires.