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Loans for Veterans
Our Veterans’ Loan Program provides term loans at a below market fixed rate for current or former members of the United States’ armed forces. This loan program is made possible through our loan agreement with the New York State Common Retirement Fund and the commitment of both the Office of the New York State Comptroller and our partner banks to support access to capital for this most deserving group of patriots.
The recent commitments of military resources around the world draw heavily on our Reserve and National Guard forces. These “citizen soldiers” are more likely known in our community, not as heroes, but as doctors, plumbers, accountants, electricians, etc. who operate a small business. Many small businesses in New York State have been adversely impacted by the active duty service of an owner. In some cases the sole owner of the business has been called away to fulfill a military commitment. A goal of this loan program is to provide affordable, long term financial assistance to these small business owners to allow them to recover from the business consequences of their deployment.
Another goal of the program is to support the dreams and goals of current or former members of the armed forces to start or grow a small business. In this way, we are hopeful that we can express our thanks to all of our veterans for their service to our country and support the growth of New York State’s small businesses.
Available Loans:
Loans for working capital, business acquisition and purchase of real estate, machinery and equipment are available under this program. This program can be combined with other financing offered by NYBDC’s lending partners as participants or as separate credit facilities.
Eligibility:
Eligible borrowers must be New York businesses where the owner(s) of the majority of the equity is a New York State resident(s) who is a member or honorably discharged veteran of the United States Armed Forces (including the Regular, Reserve and National Guard components).
The maximum loan amount is $150,000. Approval of the loan will be subject to an 85% SBA guaranty. The interest rate is Treasury plus 1.55% (inclusive of the SBA servicing fee).
We can process the loans as PLP 7(a), conventional 7(a), or under the recently announced SBA Patriot Express Loan Program.
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