I`ve seen a number of hits on my blog from readers trying to learn more about the SBA`s Patriot Express program.

Does anyone have an experience (successsful or not) pursuing a Patriot loan that you are willing to share in this forum?

Thanks!

Marshall

 

Hello,

I do not have experience with pursuing a Patriot Loan, but did have a question about SB Grants. From everything I read, the Federal Government does not provide grants to start SBs but give the money to states for that. Even though I constantly hear and see commercials or spam stating that the Government has money to give me to start a business. Do you or anyone else have any information on this? Thanks!

 

jamie

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Jamie Dufrene
Rajin Enterprises
http://www.jceconsulting.net/

Jamie,

While I don`t have any information to share with you on grants, our fellow StartUp Nation colleagues have explored the topic in "Grants: Are they a myth or a reality to secure?".  Check out the posting by RobertJ!

If you type grants into the search box above, all of the prior postings on this subject will also be displayed.

Hope this helps!

Thank you very much. I`ll check it out!

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Jamie Dufrene
Rajin Enterprises
http://www.jceconsulting.net/

I`m  pursuing a SBA Patriot Express right now, but the problem I`m running into is that it`s so new that my loan agent hasn`t even heard of it yet. I find myself educating the banks on this one. It sounds perfect, but so far, they keep trying to handle it like a SBA 7a loan, which I don`t qualify for. If you run across advice on this, I`d love to know!


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David London
Zazen Digital Studios

Follow this link to an list of lenders approved to provide Patriot loans.  When I sorted through the list, it appears there are 18 SBA Patriot lenders in the state of Michigan not counting lenders headquartered elsewhere that may be making loans in multiple states. 

Let me know if that helps!

 

David,

One of my funders has moved to a bank which has directed him to be very active in marketing the Patriot Express program.

Were you ever able to find a lender to approve your deal?  If not, feel free to contact me and I`ll see if he can write loans in your state.

Marshall

We have helped several individuals get Patriot Loans....Even though the Patriot Express offers great promise we’re experiencing a few initial information breakdowns which include the following:
 
The lack of detailed lender information on the SBA website may cause a veteran to pursue lender communication which might result in a little frustration. Since there`s no phone numbers you have to go find a number and go through the general switchboard at each bank to determine who is knowledgeable about Patriot loans.  
 
There may also be a lack of information dissemination even within acknowledged Patriot participants who already work in SBA 7A or Express Programs. Not all participants handle inquiries the same way.  Some may have area bankers specifically designated for the Patriot Program, others might piggy back on their general commercial loan processes.  Make sure to ask how it works at that particular bank.  If there`s confusion, move to the next institution on the list.
 
Remember this is a new Program.  Don`t get frustrated!.  If you get stuck, contact me and I will help you find a Patriot Lender who will listen to plan.

Thanks guys for sharing the info. I am a disabled veteran looking to start up my own business also. I just started reading about the Patriot Express program for about a week. My question would be: How do I set up my business plan? Do I do it at the bank or with the SBA counselor?

I have been in business for almost 2 years and have fully funded my online boutique with my personal savings. Late last year I met with a SCORE counselor who was very helpful when it came to the financial part of the plan, but he warned me that banks don't like to lend to online businesses (even though there are some very successful ones out there). I researched the Patriot Express loan, applied this past January and was rejected due to lack of capital and not enough sales, even though my industry is emerging and sales have steadily increased over the past 10 years. The potential is there, but I reached a point where I couldn't continue to finance it myself and if I wanted to continue to grow, and compete, I needed capital. Both the credit union and the bank I applied to told me to open credit cards and start charging (so I take on all the risk), so unfortunately like many small businesses that is how I am currently purchasing inventory, paying my website fees, and other expenses.

I will say that the turn around time for the Patriot Express loan was a week so it's much faster than the traditional SBA loans, but I too would be interested to hear if other veterans were turned down, or approved and what the total percentages are for both. Does anyone know how well this program is doing?