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SBA extends Patriot Express loan program for 3 years
WASHINGTON (12/13/10)--The Small Business Administration’s (SBA) Patriot Express loan program, a streamlined pilot loan product aimed at current and former servicemembers and their families, has been renewed for an additional three years, the SBA said on Friday. The loan program has provided more than $560 million in loan guarantees to just under 7,000 eligible recipients since it began in 2007, according to SBA figures. Several credit unions participate in the program. SBA Administrator Karen Mills in a release said that “the impact of this program over the last three-and-a-half years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create jobs and drive economic growth at a critical time for our country. Renewing it means we can continue to fulfill our sacred commitment to the men and women who serve our country by giving them every opportunity for success.” Eligible borrowers may borrow up to $500,000 through the Patriot Express loan program, and the loans, which feature enhanced guarantees and interest rates, may be used for business start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases, according the SBA. For the SBA release, use the resource link.
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