WASHINGTON — In the eight months since its launch, the SmallBusiness Administration's Patriot Express Loan Initiative hasproduced 1,007 loans amounting to more than $100 million, with anaverage loan amount of nearly $101,000, the agency said today.

Patriot Express is a streamlined loan product based on theagency's SBA Express Program. Loans are available up to $500,000and 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 aswell as veterans.

There are currently 773 lenders participating in the PatriotExpress program including 53 credit unions, according to SBA.

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