WASHINGTON — Nearly a month and a half since the Small Business Administration launched its new Patriot Express Pilot Loan program, 19 credit unions have been approved to participate.
The agency recently announced that more than 20 loans have been approved since the program launched June 13. Nearly 375 banks, credit
unions and other lending institutions have already been approved to participate, according to data as of July 13, the SBA said.
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The Patriot Express Loan is available for 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.
Patriot Express is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military's Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability.
The loans total more than $2 million dollars in the early stage of this initiative and range from $5,000 to $350,000 in individual loan amounts. Loans have already been approved in nearly a dozen states, according to the agency.
"We have received a remarkable amount of support for Patriot Express from the lending and military communities since we launched the program one month ago," said SBA Administrator Steven Preston. "It is important for us to support those who have served our country, so I am particularly pleased by the quick turn around time it has taken us to begin processing and approving loans under the new program. This success shows government can work faster and better."
The first three loans approved went to Matthew J. Lattig of Virginia, to start Charter Advisory Partners, LLC, from Sun Trust Bank of Atlanta for $350,000; Waldemar Medina of Connecticut, to start Walt Medina & Associates, LLC, from Webster Bank, National Association of Waterbury, Conn. for $100,000; and Roger Stone, owner of Full Line Electric LLC, from The Bank of Missouri in Perryville, Mo. for $60,000.
NCUA Board Member Gigi Hyland, who serves as the liaison between the agency and SBA, attended the June 13 launch of the Patriot Loan program and applauded its mission to help those who have served their country.
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