The U.S. Small Business Administration (SBA) has announced new measures to get small-business loans into the hands of veterans by setting the up-front fee to zero for all veteran loans — up to $350,000 — authorized under the SBA Express Loan Program. This initiative will start Jan. 1 and continue through the end of the fiscal year.
“Our nation’s veterans are highly skilled and highly trained leaders in their communities,” acting SBA Administrator Jeanne Hulit said. “As we honor our veterans and thank them for their service and sacrifice, let’s continue to identify ways to support them when they come home.”
Of all SBA loans that go to veterans, 73 percent are $350,000 or less. The SBA Express Loan Program is the organization’s most popular loan-delivery method, with nearly 60 percent of all 7(a) loans — general small-business loans — over the past decade being authorized through the program.
The announcement came during SBA’s National Veterans Small Business Week, an initiative to reach out to veteran entrepreneurs and business owners.
SBA provides veterans access to business counseling and training, capital and business development opportunities through government contracts. In fiscal year 2013, SBA supported $1.86 billion in loans for 3,094 veteran-owned small businesses. Since 2009, the dollar amount of SBA lending support to veteran-owned firms has nearly doubled, according to SBA representatives.
For more information, visit www.sba.gov or contact the local SBA field office by visiting www.sba.gov/localresources/index.html.