The new Patriot Express loan is offered by the Small Business Administration (SBA) network of participating 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 up to 85 percent for loans of $150,000 or less and up to 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. Your local SBA district office will have a listing of Patriot Express lenders in your area.
For more information: Patriot Express
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With over 25 years of franchise, marketing, and entrepreneurial experience, and the owner of Franchise Perfection, Jim Coen, brings key skills to franchise consulting for those interested in buying a franchise business opportunity.
Jim has been a franchisee, worked for franchisors, ran a multi unit operation for a franchisee, and served as a franchise consultant matching candidates with the right franchise.
At Franchise Perfection there is no perfect franchise, but there is always a perfect match.
For over 20 years Jim worked with Super Coups. Super Coups is a MA based direct mail franchise business to business opportunity.
Prior to Super Coups Jim successfully marketed franchises in the New England area for Uniglobe Travel Northeast a travel franchise, Merry Maids a maid cleaning franchise, & Emack & Bolio an Ice Cream franchise.
Jim was the host of a popular radio show in the Boston Area called "Let's Talk Franchising" that was broadcast on AM 1060 WBIX The Boston Business Station.
Jim currently serves on the Board of Directors of the New England Franchise Association (NEFA) www.nefranchise.org
what is the application process like? i’ve never applied for an SBA loan. anyone know how fast the turnaround time is? do the loans have to be 100% collateralized or will my good credit help? I have about $100,000 in equity in my home but am considering a $300,000 loan for a franchise.
Good credit always helps. SBA does not lend money they offer banks a guarantee (80%), this guarantee makes more people “bankable” for a business loan who otherwise would not qualify. Banks are interested in getting as much collateral as possible. You will need to check a few banks to see which ones would approve you. Be sure to check around, different banks have different terms, not all SBA Guaranteed Loans have the same terms.
For more information email me directly: jim@franchiseperfection.com or visit my website: http://www.franchiseperfection.com