WASHINGTON -- Small business owners with military ties are gravitating to the Small Business Administration's Patriot Express Loan Initiative in a big way.
In the eight months since its launch, the loan program has produced 1,007 loans amounting to more than $100 million, with an average loan amount of nearly $101,000, the agency said.
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 to $500,000. The loans are available to active military personnel as well as veterans.
There are currently 773 lenders participating in the Patriot Express program including 53 credit unions, according to SBA.
"We have received a remarkable amount of support for Patriot Express from the lending and military communities since we launched the program," SBA Administrator Steve Preston said. "It is important for us to continue to support our servicemen and women. I am particularly appreciative of the news media's efforts in big cities and small towns alike to get the word out on this vital program that helps vets and our military community as it grows day by day."
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