Patriot Express backs $150M in veterans' small-business loans

Nearly 1,500 borrowers have used Patriot Express since it launched June 28, 2007, according to a news release. The initiative is a streamlined loan product based on SBA’s Express Program, but with enhanced guaranty and interest rate elements.

Through Patriot Express, loans are available for up to $500,000. Loans of $150,000 or less qualify for SBA’s maximum guaranty of up to 85 percent, and loans of more than $150,000 can be backed for up to 75 percent. For loans more than $350,000, lenders are required to take all available collateral, the release said.

Patriot Express loans also feature SBA’s lowest interest rates for business loans –generally between 2.25 percent and 4.75 percent over prime, depending on the size and maturity of the loan.

Patriot Express loans can be used for most business purposes, including startup, expansion, equipment purchases, working capital, inventory or business-occupied real estate.

The average loan amount of Patriot Express loans is $103,000, and nearly 15 percent of total loans have been to military spouses, the release said.