August 31, 2009 • June Walbert
Q: I wanted to know if there were any veteran programs through the Small Business Administration (SBA) to start up a new business or invest in an existing one?
-Brian, Los Angeles, Calif.
A: It’s exciting to have a great idea for a new business. Now all you need is cash! Yes, there are monies available, but it’s a big step so be sure to think through every detail before you leap! In recent years the government has ramped up support of our service members and veterans. A vastly expanded GI Bill, robust incentives for service and continued service, and programs like the Patriot Express loan program through the SBA are all examples.
And the Patriot Express may be exactly what you’re looking for. As is true with all SBA offerings, you’ll have to work through a participating lender, but it’s a huge opportunity with loan amounts up to $500,000. Available to veterans, disabled vets, reservists, transitioning active duty, and even spouses of all of these groups, the loans carry low interest rates and can be used for most business purposes, including: start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. The SBA also offers small business training. This looks as though it might be just what the doctor ordered! Good luck.
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Examples given are hypothetical illustrations and not an indication of the benefits or features of any USAA product. You should seek policies and advice based upon your own particular circumstances. Sample loans are for illustration purposes only and are not a rate quote, pre-approval, or commitment to lend.
June Walbert is a CERTIFIED FINANCIAL PLANNER TM practitioner with USAA Financial Planning Services, one of the USAA family of companies.
USAA Financial Planning Services® refers to financial planning services and financial advice provided by USAA Financial Planning Services Insurance Agency, Inc. (known as USAA Financial Insurance Agency in California), a registered investment adviser and insurance agency and its wholly owned subsidiary, USAA Financial Advisors, Inc., a registered broker dealer.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and Certified Financial Planner TM in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
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