Let’s Talk Franchising!

Can you provide me with a list of lenders that provide the Patriot Express Loans. Local SBA did not have a list.

Terry
San Diego

Terry,

The loan is brand new. It is available through the SBA’s network of existing banks. Though the individual bank may not have the information at the retail level.

For more information visit: http://www.sba.gov/patriotexpress/index.html

Good Luck.

I have read extensivley on the Patriot Express Loan Program through the SBA. Is this program as good as it apperas on the surface. I want to get into a franchise and to do so i need to obtain a loan for about $250,000. If I am reading this program right it states SBA will back the loan for 75% and no collateral if the loan is below $300,000. Is that correct? Also is it set in stone that you will have to come up with $72,5000 in cash, which would be 25% ofthe $250,000. Are the banks and SBA flexible on this or is it set in stone. Also I have called the SBA and they don’t have a list of the lenders participating in the Patriot Express program, even though the press release states to call the SBA to get the lenders list. Any information you could provide i would appriciate it.

Thanks

Rob,

You need to speak to a loan officer at a institution that offers standard SBA Guaranteed Loans. They are also able to offer the Patriot Express Loan.

If you email me directly with your contact info, I can arrange for someone that offers SBA loans to contact you.

Jim Coen
jim@franchiseperfection.com

I would Like to Gert some info On The Patiot Express Loan/s,I Am a Veteran,and Have A Desire to Start One In My Community,Please Contact Me & tell Me What I need To Do,To Be Eligable.
Cordially Yours Mr.Roger Alan Quick. I can also Receive Messaages at (321)-631-6981

I just found out about the Patriot Loan for veterans and I want to know if I qualify for this with my bad credit, but good business plan

Credit history is king! What is your credit score?

Most lenders look for 600 or more.

I have a franchise and have been open for 2 months, I was previously turned down for an SBA loan but my husband is a veteran and qualifies for the patriot express loan. We have been told SBA does not usually grant the patriot loan to use for refinance and working capitol until a company has been open for 2 years but this seems to defeat the purpose of the loan for veterans. Is this true of SBA or just this bank?

SBA lenders have different terms and guidelines.

Try another lender.

Here is a link to an explanation of the SBA 7(a) program:

http://www.sba.gov/services/financialassistance/sbaloantopics/7a/index.html

the sba guarantees the loans up to 85-75%, what that means to you guys is/ or more so to the loan agencies their risk is only 15-25% its up to the lender if they want to take your collateral, it helps because what ever you give up it reduces the lenders risk. Im going for mine on tues…wish me luck

I need more information regarding the Patriot Express loan. I am the spouse of a disabled veteran and I am trying to buy and existing Self-storage facility.

I’m a vet. I’ve called 2 lenders on the list in my area, which is Md. They didn’t seem to understand what the patriot loan was about. I’m trying to start an assisted living. I need to know which banks in Maryland are familiar with the patroit express loan and what do I have to give them to start this loan process? Also I’ve call the Washington DC SBA district person and left 2 messages and, I have not received a response.pls help

I have read alot about the patriot express loan but need a point of contact. Ive been referred to SBA by the VA, but have had troubles finding all the required info that is needed to get started. Im wanting to get a loan for roughly $80,000 and im interested in knowing how much collateral or money down i would have to put forth in order to be garanteed for the loan.

What you need to do is contact some lenders that handle SBA loans. Patriot Express Loans, is a SBA program for Veterans.

A good place to start is Diamond Financial Services, ask for Don Johnson, Business Finance Consultant,(877) 508-2274 toll free.

Each lender has their own guidelines and fee structure, check out a few. You can get a list of SBA lenders from the local SBA Office.

Good luck,

Jim Coen

I am trying to purchase an already established business for 60k. I have already met with a SCORE counselor and was told that this is a very good opportunity and I should pursue it. However, I am trying to come up with the funds but I am having difficulties. My credit score is bellow 600, but I have a very good payment history on all my debt. My question is that if I was able to come up with more than 15% down on the loan would it be possible for me to obtain the Patriots express loan?

You should shop it around to some SBA Lenders, not all SBA lending sources operate under the same guidelines.

Some SBA lenders may have a minimum of $100K. Some may require 25% down. Some SBA lenders may have a minimum of 600 Credit Score. They all have different guidelines.

Try working with a SBA Lender (broker) that can “shop” it around to a few sources.

What are the loan term for the SBA Patriot Express? Is it 10-15 or 20 years. Also is it better to to do a lease financing than patriot express? Yes , No WHy? Thanks.

Manny,

Loan terms vary depending on the lender and the financial plan. Leasing financing is always an option. There are a number of things to consider including: tax implications, cash available, expected life of equipment, etc.

My advice is to speak with someone that handles a variety of financing options. Typically a broker.

I have a bad credit history due to bad decisions in the past but was able to pay-off my all my debt a month ago. since this would stain my credit for 7years, will lenders still qualify me for patriot express loan? my credit score is just a little bit above 600. please help and thank you

Paying off your debts is substantially better than bankruptcy. I don’t think it will take 7 years for your credit score to improve. Keep paying your bills on time.

Do you have any liquid assets? What is your net worth? Do you have a business in mind?

Liquidity and net worth are just as important as a credit score. If you have two out of three, it may work.

Jim Coen

I don’t have any liquid assets. I’m just beginning to build my future. I want to franchise 7-11 but it seems impossible for me to put my feet on the door. what would be your advise for a person like me who has a dream of being an interprenuer but don’t have the means to do so? should I just stay on my stable day to day job?
thanks again

Not all SBA lenders do the Patriot loans. Discovery Bank in San Diego will consider Patriot Express loans in San Diego County. Call 858 413-4300 for Pamela

Hello, can you direct me to a lender that might participate in Patriot loans or any SBA programs that could help me here in Florida? I am in Central Florida (zip code 32922). I am trying to purchase a tractor trailer in order to open a trucking company. I’ve driven for about three years for major trucking companies and would still be driving for one of those companies but would like the total control over my own vehicle and room to expand once I was able to be more financially stable. I hope I have explained things in this message…I just need help in contacting the right lenders.
Thanks.
Arthur

This Patriot Express loan seems worthless. I’ve talked to Wellsfargo and they require 1 year in business which doesn’t help me. The government guarantees 85% of the loan so to me it seems like a no brainer.

The reality is that not all lenders offer the same terms or requirements.

One of the intents of the Patriot Express Loan is to lesson those “resume” type requirements that banks/lenders use to identify suitable SBA candidates.

Don’t just stop at Wells Fargo, ask other lenders. I suggest that you talk to a loan broker, they have the ability to shop your loan to other lenders. They are not committed to one bank/lender. They will also know which banks/lenders are more likely to approve you.

Please point me in the right direction in speaking to someone who can assist with the Patroit Express Loan/Process. I have several questions but many are particular to my situation. I live in St. Petersburg, Fl.

Hello,
Can you provide me with any lenders for the Patriot Express Loan in Plano Texas. Also my credit is not that great and I am trying to start a tax service is there anything I would need to know?

I have a good credit score of over 680, I have a very strong business plan and am a veteran but have no assesets other some home equity. I have ran a very successfull Toyota, Dodge, Chrysler, Jeep store for almost 10yrs but want to go out and make my dream a reality. Is the whole lack of liquid assests going to stop this dream. Laurel MS

I have called Chase, capitol one, midsouth bank, and all other banks in my area and none have heard of this program. The fed SBA says to call the local and the “local” is 110 miles away and their answering machine says stop by our office or mail us at blah blah blah road new orleans la. What kind of help is this really when the major banks have not even heard of it and neither has the small banks and the SBA cant or wont help? Boy i bet you wish you hadnt posted this article since youre the only site that lets us vets vent on this issue. Has anyone been able to get help?

Ray,

I don’t know what state you are in but try this contact:

Brit Swanson
US Bank
Business Banking Officer
#1 SBA Lender
619-226-5424 direct
858-740-7730 cell phone
619-226-5446 fax
1331 Rosecrans Street
San Diego, CA 92106

He is able to make loans in the following states: WA, OR, CA, ID, NV, MT, UT, AZ, WY, CO, ND, SD, NE, KS, MN, IA,MO, AR, WI, IL, IN, KY, TN, OH

If you are not in any of those states let me know what state you are in.

Good luck,

Jim Coen

Why is it so hard to get informationa and lenders that know and give this loan.
The SBA needs to get involved in fixing this problem.
I also called them and their representative tells me to call the banks.
I have gone through the list of lenders and have called all but US Bank. (They wouldn’t give us a loan, tried before, won’t do it again, too much B.S..)And no one is familiar with this loan and or they don’t do them.
B of A said they have frozen almost all their Commercial lending.
Great!
They’re my current bank.
We have good credit and can’t find a bank!

Do you have the name of a Broker that can service Georgia with the Patriot Express Loans? Thanks!

I live in NC and like all of you a vet. This whole process of applying for the PX loan has been horrible. When the PX is mentioned, these banks think you’re talking about the regular SBA loan. Practically no one has heard of the PX. My credit score is above 600…my new job pays $50,000 a year, our business has a contract to receive a percentage of its net proceeds monthly from a company for providing our technology services. We have also produced a product (intellectual property)from our business …and you know what, I still go through the ringer. I spoke with a bank on yesterday and they basically said that my historical income is an issue. I explained that if they are so concerned about that why not apply for the PX guaranty. This bank tells me that if I don’t get approved through them first then they won’t even apply for the PX guaranty. What am I missing here? Also, they explained that there were a few other applications that were not as strong as mine yet they approved them only to have the SBA kick them back. I’m like wait…mine is stronger but you won’t put it through. It makes no sense. What does it take to get these banks to put it through and ask for the guaranty? I mean, I have provided more than reasonable assurance that the loan can be repaid. These banks are the problem as far as I am concerned because they retain too much control which leaves too much room for bias.The SBA must get involved or this program will cease in 2010. In either case, I don’t think this bank realizes that the PX is a distinct loan from the regular SBA(7a) loan. I need a chance—just a chance. I am a vet who served as enlisted and as an officer. At this point, I would be willing to apply outside of NC as they really seem to not have a clue as to what is going on. Believe it or not, some banks here do not have fax machines or email. Talking about being behind the times. Please someone help direct me to a lender that knows this loan. And finally, how can I convince this bank to put my application through to the PX if they are reluctant to approve it through their regular program, which is what I thought was the purpose of programs like the SBA Patriot Express Loan program.

I received a Bk dichage last month is there any hope that i minght qualify for this program.thanks
steven fleming

This blog has had a lot of information, as well as shared issues. At least now I do not feel like it is just me.
I need $11,000 for a commercial embroidery machine…CANT GET IT.

Basicly I have been told that I would have a better shot at getting a $300,000 dollar loan than a $11,000 dollar one. Our credit score is above 700, we have paid faithfully on our mortgage, have one credit card that is under $5000 revolving credit. Have two paid off cars, and still can not get a loan. People say they can do a patriot express loan but they evidently seem to not to want to. I honestly feel that since my loan is small that it isnt worth the effort of any bank.
I am turning away work because I can not do it, and if you turn a customer away, they will NOT come back. I was also going to get my equipment from a local dealer, helping my local economy, it makes no difference. Offered our vehicles for collateral, no go.

I have tried the following places

1) Chase
2) Kentucky Neighborhood Bank
3) Diamond Financial mentioned above - only $100,000 or greater loans
4) Quadrant Financial who handles a lot of SBA loans in Kentucky - only $300,00 or greater loans

Currently have calls in to Wilson Muir Bank which is listed as a Patriot Express lender, and one in to Brit Swanson listed above. I will update if either of those proved any usefulness.

Maybe if I hadn’t paid my bills, defaulted on our mortgage, or not really needed the loan, I would be posting this here. I would have held out my hand and had money given to me hand over fist? Maybe we should have just lied and said it was for a car?..lol

The funnest thing was calling a bank who had an entire page dedicated to its SBA loans, and when I called the contact listed on the page his response was “what you talkin about willis” in nature…

Just a military spouse trying to support my family as well as my Soldier

This new Patriot Act Express loan is very interesting but as I talk to lenders I’m finding that most SBA lenders are not familiar with the Patriot Act Express loan. I’m assisting a client of mine in Southern California and although the SBA may be agressive the lenders are not. The loans are small and their knowledge is less than helpful. I’ve kept this blog site and will gladly discuss my experience in placing this type of loan as it progresses. FYI The SBA website has an excel spreadsheet listing lenders for each state. Of course that is just the start. When discussing any type of loan always go over the bad news first. Once you get beyond the bad news or the weakness of the project then the funding is much easier. It doesn’t matter whether it’s an SBA loan, commercial or residential loan. Always discuss the negatives with the lender or broker first. You’ll save a lot of time.

Hello, I am a disabled VET of 70% and I am trying to build a small indoor event center around a Army base it is however a $25 million dollar project. I have already talked to the GOV of my state and the NBA D-League and they are willing to give me an expansion team……

Any idea were I can get funding or even apply for some of this goverment stimulas.

Thomas

I am trying to obtain $50,000.00 for and charter boat business in the U.S. Virgin Islands and am interested if anyone in the mainland U.S. gives Patriot Loans to the U.S. Virgin Islands

Greetings

I live in Columbus, Georgia and I am looking for a Patriot Express Lender in my area.

I own two great franchise restaurants. I got approved for a SBA loan and I have a letter from the SBA thats says “Congrates” but the bank would not underwrite the loan ($220,000 K ). Here are the steps to follow but try to understand, the SBA does not give you the money, it comes from the bank, the SBA is like an insurance company.
Step 1. The Bank contacts the SBA for you. So go to the Bank.
Step 2. The Bank is going to want 3 years of personal tax returns and 3 years of business tax returns. And a statement showing all your assets and liability.
Step 3. The bank will check your credit score a 700 or above helps.
Step 4. Your business must have a CASHFLOW RATIO of 1.2 (net income over debt on a annual amount)any percentage less than 1.2 and the Bank will not underwrite the loan. STEP 4 IS HUGE!
Step 5. The Bank will ask you to put more money down has collaterial (give them a $10,000 CD to hold, it will earn some interest and you get it back after the debt is serviced).
Step 6. The Bank is looking at RISK its a business decision.
Step 7. The Bank will also ask you to get a co-signer. And the CO-SIGNER will have to provide all of their financial information.
Step 8. The Banks do not use real estate as collaterial like before. Cash is King, the co-signers, strength of the business cash flow, your credit are the key step in getting a SBA Loan.

Good Luck!
tom

Here is a list of Banks offering the Patriet Express loan, if you act now before the 30th of March, the patriet express loan is currently at 90% and not 85% as you are reading all over.

http://patriotexpresslenders.com/

Hello,

I am a service connected vet. Both my wife and I are chiropractors. My credit is horrible (somewhere in the low to mid 500’s)… I don’t even want to look. My wife’s credit score as of July 14th 2010 is 711.

I noticed in the wording of the Patriot Express Loan it says this loan is good to vets/service members and their spouse. What I’d like to know is… is it possible for me to be on the loan too, or would it be wise to have only my wife apply for it? My wife owes more in college loans than I do, and really is having a hard time with the fact that she alone should have to be on the hook for this extra 40 to 50 K that we are looking to barrow for a new practice.

We bought an existing chiropractic office 60 miles away from our hometown and weren’t able to move there over the 18 months we’ve had it due to the shear cost of the area (taxes).. we live in Delaware… and the business is in PA. Besides that, we had taken over a ridiculously high lease for our current building (which was made 4 years ago when the economy was good) and the landlord is expecting for the rent to stay about the say (perhaps drop it 20% when we are paying at least 40% more than we should be).

So this new business will be a brand new “start-up”. We do own all of the equipment and can bring 10 to 15 K into the mix ourselves. My wife also has an IRA of 25 K to be used as collateral if needed.

Do we have a shot at getting a Patriot Express Loan together, or does she have to sign it by herself?

Thank you

Eric

I live here in the United States and I was scammed of $1500 here in the US. I was searching for a loan one evening until I went on a message board and obtain the information of BARCLAY HOUSE OF LOANS Plc. I was given a $5000 loan and received the funds in 2 days. When I didn’t see the funds in my account, I contacted Mr.Carl by phone and stated that there was hold at the bank. He went down to the bank personally and took care of the issue. The money was in my account the next day. You do have to pay a one time processing fee but it was worth it. I can reassure you that he is a legit lender and contacts you not only by email but on the phone as well. Mr.Mark David is someone that cares about getting your loan. Please contact him for your loan needs and you will receive your loan funds in your bank account within 48 hrs. It’s a shame that you have to seek another country and receive loan assistance and can’t get a loan in the United States with bad credit.

barclayhouseofloan@hotmail.com