How To Increase Your Chances Of Getting A Patriot Express Loan. Business Loans For Veterans.

You know the drill: you start the ordeal of getting a small business loan with files tucked under both arms, spread sheets spilling out of multiple files, and an accountant trailing from behind. You are ready to meet the challenge head on with as much paperwork as possible. But is this really needed for the micro program under Patriot Express Loans? The good news is if you are a veteran- owned business, you can leave this paper work at home.

These are loans under the U.S. Patriot loan initiative. Promulgated in June of 2007 and going strong each year, the program confers needed capital to our veterans and spouses for literally any business need. These loans come from private lenders which are monitored and licensed by the SBA. These powerful loan packages come with a 90% U.S. government guarantee for any losses suffered by the lender.

Because these loans are between $5,000 and $25,000, they are the model of simplicity. Paperwork is minimal, and you can actually start the process with a simple one-page application. If you are approved, it is followed with standard SBA forms which take about fifteen minutes to fill-out.

But what about financials? Obviously, the application has to be judged upon some financial data from your business. Because the loans are so small, you will be giving your gross income as opposed to net profits. If you are a new business, you will be giving a projected gross income figure. As a result, there is no need to list expenses and taxes, nor delineate such business expenses as rent, utilities, salaries, inventory, signage, computers, build-out, shipping, trade show expense, credit card processing charges, and the like.

Nor are there comparisons between current and past year's performance. Even if your profitability has been someone soured the last couple years, they are concerned more with the here and now with current gross earnings. This is especially beneficial because most companies are doing slightly better this year than for FY 2008 and 2009. Moreover, if you have been in business for three years or more, you can use the average annual gross sales for the last three years.

So why is the emphasis on gross income? One of the primary considerations is whether the business can handle the monthly loan payment (only $60/month for every $5,000 borrowed) and in order make this decision, detailed net profit analysis is not required. Remember, these are unsecured loans and they look primarily at your credit report. The good news is veterans receive a favorable review of their credit report.

So step up to the plate and a make application on this simple and very beneficial SBA program. It is tailor-made for your cash flow needs and because of its simple procedures, it allows you to spend more time developing your business than being buried under paperwork.