A U.S. Small Business Administration loan program aimed at supporting businesses owned by military veterans, reservists and their spouses has provided nearly $500 million in just three years.
The Patriot Express loan program, which launched in June 2007, can be used to start or expand small businesses, and to date, more than 6,000 loans have been made.
“America’s veterans have the leadership skills and experience to become successful entrepreneurs and small-business owners,” SBA Administrator Karen Mills said in a news release. “The Patriot Express initiative, in conjunction with other SBA programs, puts more capital and more tools in the hands of veterans as they grow their businesses and create the jobs America needs.”
SBA officials attribute the increased use of Patriot Express loans in the last two years partly to the American Recovery and Reinvestment Act, which raised loan guarantees to 90 percent and temporarily eliminated fees for borrowers on all SBA loans. Patriot Express loans, which are available for up to $500,000, are similar to SBA’s Express Program, but with enhanced guaranty and interest rates, the release said.
