As the SBA marks the recent renewal of its Patriot Express initiative for three more years, credit unions have helped grow the program by providing loans to the military community.
The Patriot Express loan program has approved more than $560 million since its launch in June 2007. Since then, nearly 7,000 veterans, reservists and their spouses have been able to start or expand their businesses.
Fifty-five credit unions have approved roughly $38 million in Patriot Express loans as of Sept. 30, according SBA data. The $4 billion Randolph-Brooks Federal Credit Union in Live Oak, Texas, is the top credit union lender in the program with more than $9 million loans approved.
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