NEWPORT NEWS, Va. — Langley Federal Credit Union has joined the ranks of lenders offering the Small Business Administration's Patriot Express loans, which help military personnel and veterans start and expand their businesses.
The 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. The loans can be used for start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases, according to SBA.
"The ability to offer Patriot Express loans to the military community opens new opportunities for the credit union," said Jean Yokum, president/CEO of Langley FCU. "It's great to be able to help our military members with small businesses."
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Patriot Express loans made their debut on June 28, 2007. As of June of this year, 60 credit unions have been approved to offer the loans, according to SBA.
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