October 17, 2008 • June Walbert
Q: Hello June, I have a vending business that I would like to expand. I want to know if there is any truth to the government-backed business loans available to veterans? And, if so, how do I go about getting one? Thanks.
--Michael, Texas
A: Yes, there’s help out there for entrepreneurs like you! The U.S. Small Business Administration has a program called the Patriot Express Pilot Loan Initiative which might be just what you’re looking for. These loans are guaranteed by the SBA and have favorable interest rates. Here’s a link to more information: http://www.sba.gov/patriotexpress/index.html. There never seems to be a vending machine close at hand when I’m having chocolate attacks! So good luck with your expansion.
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I used the SBA Patriot program about a year ago to expand my vending business. Chase Bank is an authorized SBA lender, did all the paperwork set up my business accounts in 1 session. Takes about 2 weeks to get final approvial on a line of credit (LOC). More than doubled my gross volumn.
Brad
Texas
Posted by: brad | October 26, 2008 at 08:38 AM