WASHINGTON-- Marking the celebration of National Military Spouse Day on May 9, the Small Business Administration said nearly 15% of its Patriot Express loans have gone to the husbands and wives of those who are serving or have served in the military,
In the ten months since its launch, Patriot Express has produced 1,304 guaranteed loans amounting to more than $135 million, with an average loan amount of nearly $104,000, according to SBA. There are nearly 900 lenders offering the loans including 52 credit unions. NCUA Board Member Gigi Hyland has encouraged credit unions to align with the loan program.
Patriot Express is a streamlined loan product based on the agency's SBA Express Program. Loans are available up to $500,000 and qualify for SBA's maximum guaranty of up to 85% for loans of $150,000 or less and up to 75% for loans over $150,000 up to $500,000.The loans are available to active military personnel as well as veterans.
National Military Spouse Day was proclaimed in 1984.
--msamaad@cutimes.com
