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Washington
SBA Patriot project lends over 300M to US combat vets
WASHINGTON (6/29/09)--The U.S. Small Business Administration (SBA) on Friday announced that it has backed over $315 million in funds for 3,750 loans to the military community in the two years following the launch of its Patriot Express Pilot Loan Initiative. Since June 2007, credit unions and other lenders have submitted applications for funds under the Patriot Express program, which features a streamlined loan product based on the agency's SBA Express Program, but with enhanced guaranty and interest rate features. The loans may be used for most business purposes and have been approved in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam. They currently range from $5,000 to $375,000 in individual loan amounts, but can be approved for up to $500,000. SBA Administrator Karen Mills said that the program, which provides veterans the “critical access to capital” that “helps them grow their businesses and create good paying jobs in their communities,” is a program that the SBA takes “seriously.”


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