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SBA Helps Veterans, Military with Patriot Express Loan Program

The Small Business Administration is piloting a new loan program to assist veterans and members of the military with starting or expanding small businesses.

By Staff Writer | Updated on June 19, 2007

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.

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