WASHINGTON — The Small Business Administration is piloting a new loan program to assist veterans and members of the military with starting or expanding small businesses.
On June 13, the agency announced the launch of its Patriot Express Pilot Loan Initiative, which will be offered by SBA's network of lenders. Loans will be are available up to $500,000 and qualify for SBA's maximum guaranty of up to 85% for loans of $150,000 or less and up to 75% for loans over $150,000 up to $500,000. For loans above $350,000, lenders are required to take all available collateral, the agency said. Patriot Express loans feature interest rates generally ranging from 2.25% to 4.75% over prime depending upon the size and maturity of the loan.
The Patriot Express loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases, according to SBA.
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For more details, log on to http://www.sba.gov/patriotexpress/index.html.
NCUA Board Member Gigi Hyland attended the launch of the new program held at SBA's headquarters in Washington. Hyland serves as NCUA's board liaison to SBA.
"This new SBA initiative is another mechanism credit unions can use to help members who have so bravely served our country through military service," Hyland said. "Military activations and extensions are having a profound impact on entrepreneurs in the military community. This initiative offers credit unions an opportunity to assure that these entrepreneurs have the tools to rebuild their businesses or to start up new businesses after their service is done."
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