SBA loan initiative shows early success

Patriot Express is a streamlined loan product based on the SBA’s Express Program, but with enhanced guaranty and interest rate characteristics. The new program is available to military veterans, service members leaving active duty, reservists and National Guard members, and their spouses, as well as the spouses of service members who died during service or from a service-related disability.

Loans are available for up to $500,000 at the same rate as regular 7(a) loans: a maximum of the prime rate plus 2.25 percent for loans lasting less than seven years and prime plus 2.75 percent for loans of seven years or more.

“We have received a remarkable amount of support for Patriot Express from the lending and military communities since we launched the program,” said SBA Administrator Steve Preston in the release. “I am particularly pleased by the quick turnaround time to process and approve Patriot Express loans. This success shows government can work faster and better.”

Patriot Express loans have been approved in all 50 states, Washington D.C., the U.S. Virgin Islands, Puerto Rico and Guam and range from $5,000 to $375,000 in individual loan amounts.

The program can be used for most business purposes.

Details about the program can be found at www.sba.gov.patriotexpress.