SBA Patriot Express Loan Program

In four short months the SBA’s loan program for disabled vets has made more than 500 loans (SBA guaranteed loans) totaling more than $51 million and an average loam amount of over $100,000.

Patriot Express is a streamlined loan product based on the agency’s highly successful SBA Express Program, but with enhanced guaranty and interest rate characteristics.

Patriot Express Loan Program Details:

Whose eligible?

Patriot Express loans are available to military veterans, service-disabled veterans, service members leaving active duty, Reservists and National Guard members, current spouses of any of the above, spouses of active duty members, and the widowed spouse of a service member who died during service, or of a service-connected disability.

What can the loan be used for?

The Patriot Express Pilot Loan can be used for most business purposes.How much can I borrow?

Loan amounts can be up to $500,000 (although the average is currently running close to $100,000) 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 over $150,000.

What do the terms of the loan look like compared with a standard bank loan?

Interest rate maximums for Patriot Express loans are the same as those for regular SBA 7(a) loans: a maximum of prime + 2.25 percent for maturities under seven years; prime + 2.75 percent for seven years or more. Interest rates can be higher by two percent for loans of $25,000 or less; and one percent for loans between $25,000 and $50,000.

Where can I get more information?

Details on the initiative can be found at http://www.sba.gov/patriotexpress.