FALL RIVER – BankFive has been designated an authorized lender for the U.S. Small Business Administration’s Patriot Express Loan program, designed to help veterans and military members achieve their small-business goals, the bank and SBA announced today.
Bank officials said the new Patriot Express loan offers a fast turnaround time for loan approvals. Loans are available 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 over $150,000 up to $500,000. The Patriot Express loan can be used for most business purposes, including startup, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
The program is available to veterans, service-disabled veterans, active-duty service members eligible for the military’s transition assistance program, Reservists and National Guard members, current spouses of any of the mentioned veterans and the widowed spouse of a service member or veteran who died during service or of a service-connected disability.
Those who qualify can visit any BankFive location or contact Joan Medeiros, vice president of commercial services at 774-888-6133.
“This is exciting news for BankFive. We are proud to be the first community bank in Southeastern Massachusetts to offer the Patriot Express loan program,” said Thomas F. Lyons, the bank’s president and CEO, during a press conference attended by SBA representatives and veterans organizations. “The timing couldn’t be better to make this announcement with Fall River Celebrates America this weekend honoring our veterans. They not only deserve our emotional support but are deserving of every opportunity to establish or expand small businesses.”
“I salute BankFive for their leadership in coming forward to participate in the Patriot Express loan program,” said Mark Hayward, SBA Acting Regional Administrator. “BankFive’s involvement is a testament of the vision and character of the people of the bank, including the Board of Directors and employees.”
