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