WASHINGTON -- Even though the Small Business Administration had previously reported a significant drop in loan demand, the agency said participation in its Patriot Express pilot loan program continues to grow.
The SBA has approved more than $250 million in loan guarantees to nearly 2,900 veterans and their spouses who are using the funds to establish and expand their small businesses, the agency said. More than 20% of the Patriot Express loans have come in the first four months of fiscal year 2009, and overall loan amounts have averaged around $88,000 per loan, according to the SBA. Some 15% of the loans have gone to military spouses.
Patriot Express launched June 28, 2007. There are more than 770 lenders participating in the program including more than 55 credit unions, the SBA said.