WASHINGTON — In the four months since its launch, the Small Business Administration's SBA Patriot Express Loan Initiative has produced more than 500 SBA guaranteed loans amounting to $51 million, with an average loan amount of nearly $102,000, the agency announced today.

Patriot Express is a streamlined loan product based on the SBA Express program. It is available to military community members including veterans, service-disabled veterans, service members leaving active duty, Reservists and National Guard members, current spouses of any of the above, spouses of active duty members, and the widowed spouse of a service member who died during service, or of a service-connected disability.

“Each day sees the number of Patriot Express loans rise and the number of participating lenders, currently more than 700 nationwide, rise as well,” said SBA Administrator Steve Preston. “We thank these lenders, and those coming aboard, for their special efforts on behalf of entrepreneurial veterans and others in our military community.

As of Oct. 26, 40 credit unions have signed on to become Patriot Express lenders, according to SBA.