5 Secrets In Getting A Patriot Express Veteran Business Loan

5 Secrets In Getting A Patriot Express Veteran Business Loan

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Ever wonder what goes on in the mind of a banker? I am not talking about generalities; we are examining the moment of decision when they are reviewing your loan application. Needless to say, it would be nice to know. To find out, we have distilled the factors down to five key ingredients. In this article, we will discuss the length of time in business. As usual, we are talking about the SBA Patriot Express Loan Program and only the lender's that are interested in loaning under it.

It is a misconception that bankers never make business loans to start-ups. If you have a "small business friendly" bank that is anxiously willing to participate in the Patriot Express Program, younger businesses can get the loans, although they are typically for smaller amounts.

Your business is considered to start when you made your first dollar, whether full-time or part-time. This can be before you incorporated or received your local business license.

Example: Francine has been operating her consulting business part-time as a sole proprietor for 10 years. She then incorporated and has been operating for another five years. Total time in business: 10 years (not 5).

In making the calculation, include all periods as an independent contractor in the same type of business (using a 1099).

Example: John worked as a sales agent for ABC Company for ten years as an independent contractor. He then went out on his own and opened his own business. That ten years counts as "time in business".

There are no breaks in service. We are not talking about vesting as in a pension; these are loans.

Example: Mary ran a successful restaurant for 10 years, but then had a well-deserved break for five years to raise her family. She then returned to another restaurant and has been in business now for 5 years. Total time in business: 15 years (not 5).

Include periods in which a business may have changed its name or location.

Example: Frank operated a dry cleaning business under the name of "Purity Clean" for 5 years on Elm Street. He then got a better deal with another landlord and moved across town changing it to "Surety Clean" and has been doing so for 5 years. Total time in business: 10 years (not 5).

U.S. Patriot Express Loans are typically in the neighborhood of between $5,000 and $50,000. The larger loans typically require 100% real estate collateral, more comprehensive financial paperwork, and a cash down payment if you are start-up. But for the smaller loans between $5,000 and $25,000, they trimmed down the paperwork and made it especially easy without tax returns, business plans, or financials. As a "lean and mean" application process, it allows the lenders to make decisions within one or two days with funding in ten days by the wiring of the funds directly into a business account.

Overall, this provides welcome relief for our veteran small business owners.

About the Author:
Sue Brinck is a business lender who has helped businesss with their cash flow needs for over 7 years—the Nations #1 SBA funder with over 27,000 completed loans. Would you like a free consultation to improve the chances of receiving a loan? Call Sue at (925) 899-8449. To Apply Online for a 7.75% loan with an answer in 15 minutes ($60/month for every $5,000 with no financials), visit: http://StrategiesForSmallBusiness.com.



Article Originally Published On: http://www.articlesnatch.com


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