Wednesday, November 14, 2007

Early Success for Patriot Express

I received a call last night from a military veteran seeking assistance in obtaining financing for his start-up business. I suggested he consider the SBA Patriot Express program and learned he wasn't aware of its existence. He expressed surprise that I even asked him about being a veteran. As a matchmaker for business loans, it's my job to look for all possible angles that may help my client get the most cost effective financing that might be available.

As a result of this call, I decided to visit the SBA website to learn about the latest development for the Patriot Express Program. Here's what I found.

In the four months since its launch, the U.S. Small Business Administration’s SBA Patriot Express Loan Initiative has produced more than 500 SBA guaranteed loans amounting to $51 million, with an average loan amount of nearly $102,000.

The number of participating lenders is growing daily with more than 700 nationwide currently underwriting Patriot Express loans on much more flexible terms than offered in the SBA's standard 7(a) loan programs.

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.

By the way, one of my favorite funders has just changed jobs and is heading up an office for an SBA participating lender - he's been told to go out and aggressively seek new Patriot Express loan opportunities on a nationwide basis.

Need help finding the right lender for a Patriot Express loan? Read "Matchmaking for Business Loans" and give me a call!

Tags : Patriot Express , military veteran , SBA , 7(a) loan

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