Welcome to Mothers of Military Support
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What's New The "B" Gene---MOMS Direct (tm) Phase I In phase 1 of the "B" Gene AKA, the Business Gene. Phase I Is an introduction to the SBA and their new program "Patriot Express" Our intent is to "Narrow Down" the process and flow of information that you will need in order for you to begin a business venture in Washington State. Have a business? Register Here |
With military activation's and extensions having such a profound
impact on entrepreneurs in the military community, it is our obligation to make sure they
have the tools to rebuild their businesses or to start-up new businesses in order to
provide themselves and their families with a livelihood after their service is done. There
are about 1.2 million men and women on active duty in the armed forces, and 1.8 million in
the Reserves and National Guard. Of that total, 1.5 million have been deployed to
Afghanistan or Iraq since the war on terror began. More
than 14 percent of businesses in America are owned by veterans, and SBA is proud that we
guarantee more than $1 billion annually in loans for veteran-owned businesses. These
businesses make significant contributions to the economy, and because of the unique
technical and leadership skills they acquire through military service, they are
well-suited to become successful entrepreneurs.
Vets
a “Great Resource” for Business, Secretary Says The
Small Business Administration (SBA) has unveiled a program called “Patriot
Express” that offers a wide variety of assistance to veterans interested in setting
up or expanding their own small businesses. “ Assistance
under the new SBA program for veterans ranges from help writing a business plan and
managing a business, to obtaining financing and learning how to export
goods. Participants may also qualify for loans between 2.25 percent and 4.75
percent over the prime interest rate. Patriot
Express is open to veterans, reservists and National Guard members, current spouses of
eligible personnel, the surviving spouses of service members who die on active duty, or
spouses of veterans who die from a service-connected disability. Patriot
Express Pilot Loan Initiative Overview
The
U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan
Initiative for veterans and members of the military community wanting to establish or
expand small businesses.
Video:
Administrator Preston Announces New Pilot Initiative. Part 1 Part 2 What
is the SBA Patriot Express Pilot Loan Initiative? The
U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan
Initiative for veterans and members of the military community wanting to establish or
expand small businesses. Eligible
military community members include:
•
Veterans
•
Service-disabled veterans
•
Active-duty service members participating in the military’s Transition Assistance
Program
•
Reservists and National Guard members
•
Current spouses of any of the above
•
The widowed spouse of a service member or veteran who died during service or of a
service-connected disability The
SBA and its resource partners are focusing additional efforts on counseling and training
to augment this loan initiative. What
are the loan details? The
new SBA Patriot Express Pilot Loan Initiative is a 7 (a) loan initiative offered by
SBA’s widest network of lenders nationwide and features our fastest turnaround time
for loan approvals. Loans are available up to $500,000 and qualify for SBA’s maximum
guaranty of 85 percent for loans of $150,000 or less and 75 percent for loans over
$150,000 up to $500,000. For loans above $350,000, lenders are required to take all
available collateral. The
Patriot Express loan can be used for most business purposes, including start-up,
expansion, equipment purchases, working capital, inventory or business-occupied
real-estate purchases. Patriot
Express loans feature SBA’s lowest interest rates for business loans, generally 2.25
percent to 4.75 percent over prime depending upon the size and maturity of the loan. The
Patriot Express Pilot Loan Initiative will operate through December 31, 2010, after which
the SBA will evaluate its performance and make a decision whether to modify and/or
continue the initiative. Local
SBA district offices will have a listing of Patriot Express lenders in their areas. Where
does a vet or member of the military community begin to seek guidance and counseling or a
loan? Start
with a Self Assessment You’ve got an idea for a business. Now it’s time to evaluate if your dream of starting a business can be a reality. The Checklist for Starting a Business is a comprehensive tool designed to prepare you for self employment by analyzing your responses in key areas and providing a menu of supporting resource. How
will this loan initiative operate? The
Patriot Express Pilot Loan Initiative will adopt many of the streamlined documentation and
expedited processes and procedures of SBA’s highly successful SBAExpress loan
program; however, there will be several critical differences. SBA’s guaranty of up to
85 percent will apply to Patriot Express loans of $150,000 or less and its guaranty of up
to 75 percent will apply to Patriot Express loans above $150,000, which contrasts with the
maximum 50 percent SBA guaranty that applies to all SBAExpress loans. Also, the maximum
loan amount under Patriot Express Pilot Loan Initiative is $500,000, compared to the
maximum loan amount of $350,000 available under SBAExpress. Lenders must use their
existing prudent collateral practices for Patriot Express loans. For loans above $350,000,
lenders must obtain all available collateral. Maximum interest rates for Patriot Express
loans are the same as those allowed under SBA regulations for the 7(a) program, as opposed
to the higher interest rates allowed under the SBAExpress program. In
addition to the standard 7(a) loan eligibility requirements, eligibility for Patriot
Express loans will be limited to certain members of the military community, and lenders
will be required to document each borrower’s eligibility using approved Department of
Defense or Veterans Administration documentation and that documentation must be furnished
to SBA with any purchase request. In an effort to support a substantial segment of the
military community affected by military call-ups SBA
is making the following persons eligible for Patriot Express: ·
Veterans
(other than dishonorably discharged); ·
Service-disabled
veterans; ·
Active-duty
military eligible for the military’s Transition Assistance Program for potential
retirees within 24 months of separation and discharging active duty members within 12
months of discharge; ·
Reservists
and National Guard members; and ·
The
current spouse of the above and the widowed spouse of a service member or veteran who died
during service or of a service-connected disability. However, SBA emphasizes that this
definition of eligibility for the Patriot Express Pilot Loan Initiative will be limited to
just Patriot Express 7(a) loans, and it will not apply to other SBA loan programs,
procurement programs, etc. SBAExpress
lenders and PLP lenders participating in the Patriot Express Pilot Loan Initiative will be
required to meet and maintain the same proficiency and performance standards SBA has
established for participants in the SBAExpress or PLP program. Patriot Express lenders
must have satisfactory performance as determined by SBA, in its sole discretion. SBA
will allow revolving lines of credit under the Patriot Express Pilot Loan Initiative. SBA
will delegate the credit decision to the lender, but will require lenders to use their
existing, proven, and prudent loan practices used for similar conventional small business
loans. SBA will defer to the lender's existing, prudent policy used for its non-SBA loans
regarding hazard insurance and appraisals; and SBA will allow lenders to use mostly their
own documents consistent with the documentation requirements for SBAExpress loans. What
other resources are available to those seeking loans? SBA
has veterans business development officers in district offices in every state and
territory able to give military community members full access to the SBA’s range of
programs and services In
addition to district offices, SBA’s resource partners SCORE - Counselors to
America’s Small Business; Small Business Development Centers; and Women’s
Business Centers provide local and online assistance on:
•
Writing a business plan
•
Financing options to start or grow your business
•
Managing the business
•
Expanding the business
•
Selling goods and services to the government Nearby
SBA offices Washington
SBA Nancy
Gilbertson As
Director of the U.S. Small Business Administration’s Seattle District Office, Nancy
Gilbertson is responsible for the delivery of SBA’s programs and services throughout
most of Washington State and the northern counties of Idaho.
She oversees a staff of 30 and promotes lending and business development assistance
in cooperation with area lenders, an extensive network of Small Business Development
Centers, 5 SCORE chapters located throughout the state, and 3 Women’s Business
Centers. Ms.
Gilbertson joined the SBA in 1987 in Anchorage, Alaska.
She served as the Assistant District Director for Business Development in the
Fresno, California and Minnesota District Offices before her 1999 promotion to Deputy
District Director in Minnesota. She was
selected for the South Dakota District Director position in December of 2001 and
transferred to the Seattle District Office in December of 2004. Prior
to government service Gilbertson spent 10 years working in commercial banking in North
Dakota and Alaska. She also has personal small
business experience, having been involved in a family-owned general contracting business
for past 20 years. Seattle
District Office Minority
Enterprise Development Capital
Access Marketing
and Outreach Surety
Bond Guarantee Spokane
Staff Directory Ted W.
Schinzel, Supervisory Business Development Specialist, ted.schinzel@sba.gov Debt
Relief for National Guard and Reservists If your
small business has an SBA direct or guaranteed loan, you may seek deferral for loan
repayment, reduction in the interest rate, and other credit/financial assistance. What
other online resources are available?
•
SBA -- SBA’s Web site
provides information to help participants manage their business from start to finish;
expand their business with programs and services; and increase their business knowledge
and productivity
•
SCORE -- SCORE online
counselors who have expertise in supporting veteran entrepreneurs provide business advice
to the military community 24/7 with a 48 hour response time.
•
Reservists --
SBA’s Business Planning guide for pre and post-mobilization business planning for
self-employed small business owners who are members of Reserve components of the U.S.
military What
if the veteran is already a small business owner? The
SBA and its resource partners have expertise to assist military entrepreneurs in: Free business counseling at Counseling
For
more information, click Financial Assistance •
Linking small business with federal agencies and private corporations to improve
procurement prospects •
Contracting opportunities for veterans who own businesses at: •
Recovering from declared disasters
MREIDL
– Loans of up to $1.5 million are available for small businesses sustaining economic
injury because an owner or essential employee has been called to active duty as a military
reservist. For more information, click on: Disaster Assistance. Physical
Disaster Business Loans – Loans of up to $1.5 million are available for qualified
businesses to replace or return business property to pre-disaster conditions. 96 Northwest Women's Business Center Research Data The Military’s Role in the Washington State Economy
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