Even in credit-strapped times, the SBA, working with credit unions and other lenders, has approved more than $315 million in Patriot loans to more than 3,750 veterans and their spouses.
The Patriot Express Pilot Loan Initiative launched in June 2007 to help veterans who want to start or expand their business. The agency said that as a result of the American Recovery and Reinvestment Act, which raised loan guarantees to 90% and eliminated fees temporarily, the number of Patriot Express loans increased to record levels in April and May this year.
There are more than 770 lenders participating in the program, including more than 55 credit unions, the SBA said.
Patriot Express loans are available up to $500,000. The interest rate is the same as the SBA's 7(a) loans: a maximum of prime plus 2.25% for maturities under seven years and prime plus 2.75% for seven years or more.
SBA Patriot Loans Top $300 Million
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