SIERRA VISTA - The Small Business Administration recently implemented a new loan program to boost businesses owned by members of the military community.
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With the help of SBA's participating lenders, the express loan boasts the organization's fastest turnaround time for loan approvals.
"Patriot Express, supported by SBA's other services, goes directly to the needs of these American Patriots who wish to start businesses, and in the process, encourages job creation and growth," said Steven Preston, SBA administrator.
Those eligible for the loans can receive up to $500,000 toward starting a small business, or expansion efforts.
Those eligible for the program include veterans, service-disabled veterans, active-duty service members participating in the military's Transition Assistance Program, Reservists and National Guard members, current spouses and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability.
The program also features SBA's lowest interest rate for business loans, between 2.25 and 4.75 percent.
For information, visit www.sba.gov/patriotexpress.
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