WASHINGTON — In the four months since its launch, the SmallBusiness Administration's SBA Patriot Express Loan Initiative hasproduced more than 500 SBA guaranteed loans amounting to $51million, with an average loan amount of nearly $102,000, the agencyannounced today.
|Patriot Express is a streamlined loan product based on the SBAExpress program. It is available to military community membersincluding veterans, service-disabled veterans, service membersleaving active duty, Reservists and National Guard members, currentspouses of any of the above, spouses of active duty members, andthe widowed spouse of a service member who died during service, orof a service-connected disability.
|“Each day sees the number of Patriot Express loans rise and thenumber of participating lenders, currently more than 700nationwide, rise as well,” said SBA Administrator Steve Preston.“We thank these lenders, and those coming aboard, for their specialefforts on behalf of entrepreneurial veterans and others in ourmilitary community.
|As of Oct. 26, 40 credit unions have signed on to become PatriotExpress lenders, according to SBA.
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