Availability of VA Business Loan
If you are interested in a VA business loan, there are two options that you need to be aware of – the Patriot Express Loan and the Military Reservist Economic Injury Disaster Loan (MREIDL). The Obama Administration started the Patriot Express Pilot Loan Initiative. Along with the loan, the Small Business Administration also provides counseling and training. Initially set to expire in 2010, the Patriot Express Loan is now extended through 2013 and may be reached again.
The MREIDL is designed to help businesses where the owner or other “essential employee” is called for military service. This VA business loan is designed to help the company meet costs that have resulted because of the loss of this employee.