New SBA Program for Veterans

Starting on January 1st, the Patriot Express program will be replaced by a new initiative of zero fees to veteran borrowers for Express loans up to $350,000.  The SBA had changed the eligibility requirements to include the veteran only, not spouses or dependents.

However, the eligibility has changed.  Spouses of veterans ARE eligible to benefit from the zero fee program.  Below is a highlight from the attached information notice.  Please review the attachment for complete details.

Veterans Advantage Qualifications
In order to qualify for this, businesses must be 51% or more owned and controlled by an individual or individuals in one or more of the following groups:

• Veterans (other than dishonorably discharged);
• Service-Disabled Veterans;
• Active Duty Military service member participating in the military’s Transition Assistance Program (TAP);
• Reservists and National Guard Members; or
• Current spouse of any Veteran, Active Duty service member, or any Reservist or National Guard member; or widowed spouse of a service member who died while in service or of a service-connected disability.

In RI, contact: Greg Gould, Lender Relations Specialist
U.S. Small Business Administration
380 Westminster Street – Suite 511
Providence, RI 02903
(401) 528-4561
Gregory.Gould@SBA.gov

 

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