Monday, July 16, 2007

First SBA Patriot Loans Approved

The SBA just announced that it has approved its first 20 loans under the new Patriot Express Loan program targeting military community entrepreneurs.

Here's information on the first three approvals under the Patriot Express Loan program...
  • Loan #1 for $350,000 to veteran Matthew J. Lattig of Virginia, to start Charter Advisory Partners, LLC, from Sun Trust Bank of Atlanta, GA.

  • Loan #2 for $100,000 to veteran Waldemar Medina of Connecticut, to start Walt Medina & Associates from Webster Bank, National Association of Waterbury, CT.

  • Loan #3 for $60,000 to veteran Roger Stone, owner of Full Line Electric LLC, from The Bank of Missouri in Perryville, MO.

What's most interesting to me is that two of the first three loans are apparently to help fund start-up businesses. I'm sure many a borrower is wondering what, if anything, might have been used as collateral to support these loans. On amounts up to $350,000, there is not supposed to be a collateral requirement.

Nearly 375 banks and lending institutions nationwide have already been approved to participate in Patriot Express, including many of SBA’s largest lenders. SBA has many lenders in the approval process and continues to receive applications from lenders every day.

Patriot Express loans total more than $2 million dollars in the early stage of this initiative and range from $5,000 to $350,000 in individual loan amounts. Loans have already been approved in California, Connecticut, Florida, Missouri, New Mexico, Oregon, South Dakota, Texas, Virginia and Wyoming. After loan applications are approved by the bank, they are submitted to SBA for approval. Once submitted, the SBA claims that most applications are approved by SBA within 24-hours.

Need help finding the right lender or telling your story the right way? Read "Matchmaking for Business Loans" and give me a call!

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