In the eight months since its launch, the U.S. Small Business Administration’s Patriot Express Loan Initiative has produced 1,007 SBA guaranteed loans amounting to more than $100 million, with an average loan amount of nearly $101,000 according to the SBA.Patriot Express loans have been approved in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam and currently range from $5 thousand to $375 thousand in individual loan amounts. After loan applications are approved by the bank, they are submitted to SBA for approval. Most applications are approved by SBA within 24 hours.
Patriot Express is a streamlined loan product based on the agency’s highly successful SBA Express Program, but with enhanced guaranty and interest rate characteristics.
Loans are available up to $500 thousand and qualify for SBA’s maximum guaranty of up to 85 percent for loans of $150 thousand or less and up to 75 percent for loans over $150 thousand up to $500 thousand. For loans above $350 thousand, lenders are required to secure all available collateral to back the loan and may obtain collateral for smaller loans depending upon individual bank requirements.
Patriot Express 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.
Need help finding the right Patriot Express lender or telling your story the right way? Read "Matchmaking for Business Loans" and give me a call!
Tags : Patriot Express , military veteran , SBA , 7(a) loan
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