WASHINGTON — In just under a year's time, the Small Business Administration's Patriot Express pilot loan initiative has approved more than $150 million in loan guarantees to nearly 1,500 veterans and their spouses, the agency said.
Launched on June 28, 2007, Patriot Express builds on the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses, and the counseling assistance and procurement support it provides each year to more than 100,000 veterans, service-disabled veterans and Reserve members, according to SBA.
A number of credit unions have been approved to offer the loans, which can be used for start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
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 and up to $500,000. For loans above $350,000, lenders are required to take all available collateral.
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