WASHINGTON — Nearly 375 banks, credit unions and other lending institutions have already been approved to participate in the Small Business Administration's month-old Patriot Express Pilot Loan program.
The agency announced last week that it and its lenders have approved more than 20 loans since the program launched June 13. Nineteen credit unions have been approved to participate, as of July 13, according to the SBA.
The Patriot Express Loan is available up to $500,000 and qualifies 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. The loan's interest rates range generally 2.25% to 4.75% over prime depending upon the size and maturity of the loan.
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