Patriot Express loans available
The U.S. Small Business Administration
said its Patriot Express loan initiative is available
to help military families start or build a small business.
In the 10 months since its launch, Patriot Express
has produced 1,304 guaranteed loans totaling some $135
million, with an average loan amount of nearly $104,000.
Nearly 15 percent of those loans have gone to military
spouses.
Patriot Express is available to military community
members including veterans, service-disabled veterans,
service members leaving active duty, Reservists and
National Guard, current spouses of any of the above,
spouses of active duty members, and widowed spouses
of service members who died during service or of a
service-connected disability.
Loans are available for up to $500,000 and qualify
for SBA’s maximum guaranty of up to 85 percent for
loans of $150,000 or less and up to 75 percent for
loans above $150,000 up to $500,000. For loans above
$350,000, lenders are required to secure all available
collateral to back the loan and may obtain collateral
for smaller loans depending upon individual bank requirements.
Information is available at www.sba.gov/patriotexpress.
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