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SBA’s Patriot Express Loan Initiative Over $100 Million and Counting More Than One Thousand Loans Go to Military Service Members, Veterans, and Spouses- Reuters – March 10, 2008 WASHINGTON, March 10 /PRNewswire-USNewswire/ — In the eight months since its launch, the U.S. Small Business Administration’s Patriot Express Loan Initiative has produced 1,007 SBA guaranteed loans amounting to more than $100 million, with an average loan amount of nearly $101,000, the SBA announced today. “Each day sees the number of Patriot Express loans rise and the number of participating lenders, currently more than 773 nationwide, rise as well,” said SBA Administrator Steve Preston. “We thank these lenders, and those coming aboard, for their special efforts on behalf of entrepreneurial veterans and others in our military community.” The Patriot Express initiative builds on the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses, and the counseling assistance and procurement support it provides each year to more than 100,000 veterans, service-disabled veterans and Reserve members. “We have received a remarkable amount of support for Patriot Express from the lending and military communities since we launched the program,” said Preston. “It is important for us to continue to support our servicemen and women. I am particularly appreciative of the news media’s efforts in big cities and small towns alike, to get the word out on this vital program that helps vets and our military community as it grows day by day.” Patriot Express is a streamlined loan product based on the agency’s highly successful SBA Express Program, but with enhanced guaranty and interest rate characteristics. 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 secure all available collateral to back the loan and may obtain collateral for smaller loans depending upon individual bank requirements. Interest rate maximums for Patriot Express loans are the same as those for regular 7(a) loans: a maximum of Prime + 2.25 percent for maturities under seven years; Prime + 2.75 percent for seven years or more. Interest rates can be higher by two percent for loans of $25,000 or less; and one percent for loans between $25,000 and $50,000. Patriot Express is available to military community members including veterans, service-disabled veterans, service members leaving active duty, Reservists and National Guard members, current spouses of any of the above, spouses of active duty members, and the widowed spouse of a service member who died during service, or of a service-connected disability. The Patriot Express Pilot Loan Initiative can be used for most business purposes. Details on the initiative can be found at www.sba.gov/patriotexpress. Patriot Express loans have been approved in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam and currently range from $5,000 to $375,000 in individual loan amounts. After loan applications are approved by the bank, they are submitted to SBA for approval. Most applications are approved by SBA within 24 hours. SOURCE U.S. Small Business Administration —————— MilitaryConnection.com thanks you for your patronage. This web site is a portal of all things military, and we are quickly becoming the “go to” web site for all things military. We are constantly adding resources, content and features to benefit our audience. Our web site and all of the resources are free to users, and there is something for everyone. Additionally, we feature finance articles like this to keep you informed. If you belong to a group or organization, we will post your press releases, special events, newsletters, professional conferences and seminars, reunions, job fairs, and videos to help spread the word. One of the areas of our focus is connecting candidates from the military community with outstanding government and civilian employers. We know that candidates from the military community across the board have a work ethic second to none. They make highly valued employees. MilitaryConnection.com has a multitude of employment resources including a Directory of over 30,000 employers, Job Tips, Columns, our new and improved Job Board, Virtual Job Fair and much more. We understand the importance of education. Please check out our new Education section, featuring the most up to date information on the new GI Bill, Education Articles, Education Benefits, and the Scholarship Directory featuring thousands of scholarships. When the next tour is back home, it’s on MilitaryConnection.com. |
