WASHINGTON — In the eight months since its launch, the Small Business Administration's Patriot Express Loan Initiative has produced 1,007 loans amounting to more than $100 million, with an average loan amount of nearly $101,000, the agency said today.
Patriot Express is a streamlined loan product based on the agency's SBA Express Program. Loans 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. The loans are available to active military personnel as well as veterans.
There are currently 773 lenders participating in the Patriot Express program including 53 credit unions, according to SBA.
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