SBA Loan Patriot Express Pilot Program: Benefits

The benefits of the SBA Loan Patriot Express Pilot Program range from a simplicity of paperwork to quick response times and even issues of collateral. In addition, this particular small business loan program concerns itself neither with the size of your business, nor does it include a prepayment penalty, a method of lenders which effectively smacks the hands of those who attempt to pay off the loan earlier than agreed upon. Each of these aspects of the loan combine to make it one of the most attractive loan programs available for veterans and their spouses.

Quick, Quicker, Quickest

Of all the SBA loan programs, the patriot express program could easily be considered the simplest and fastest. To begin with, for those loans not exceeding $50,000, the application process does not require your tax returns, business financial statements or business plans that are beefed up by financial statements. Of course, while any lender or SBA officer will tell you that including a well developed business plan can only help, the relatively small size and expediency of the loan really makes such documents superfluous. As long as you are armed with your honorable discharge papers in the form of a DD 214, the rest is easily soon to follow.

And soon, in the case of this particular SBA loan program, means anywhere from two to three days. Meaning you could wake up two days after applying to see your loan wired and deposited directly into your business checking account. Furthermore, there is no prepayment penalty condition slapped onto the life of the loan. This means that if your business venture takes off and exceeds expectations, you need not take the full seven to ten years to pay it off in increments. You could even pay it off in one large lump sum if you felt the urge.

Size Doesn't Matter

The patriot express loan program seeks to provide as many advantages to veterans as possible by making it easier for larger numbers of applicants to get approval. To that end, neither the size of your small business nor the size of your available collateral will be of any concern in the application process for this SBA loan. By eliminating the requirement for a certain amount of collateral, the loan not only becomes more widely available to those who have no collateral to offer, it also becomes much faster to process and receive.

Of course, any loan over $50,000 up to $500,000 will require not only collateral, but also more substantial paperwork in the form of business plans and financial statements including descriptions of the relevant market and the future plans of the business. However, even with these increased requirements, the SBA loan patriot express program remains one of the most expedient and efficient ways for veterans to obtain a loan from a lender.