PROVIDENCE – Ecologic Spray Foam Insulation Co., Scituate Liquor Shop and The Fallen Records are the first veteran-owned Ocean State businesses to receive financing through the U.S. Small Business Administration’s new Patriot Express Loan Initiative, according to the SBA’s Rhode Island district office.
The loans are available in amounts as high as $500,000, and qualify for SBA’s maximum guaranty, of up to 85 percent for loans of $150,000 or less, or up to 75 percent for loans greater than $150,000. Interest rates are a maximum of prime plus 2.25 percent on loans with maturities below seven years and prime plus 2.75 percent for terms of seven years or more.
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Since the Patriot Express Loan Initiative was launched four months ago, it has produced more than 500 loans nationwide, worth a total of $51 million nationally. The average loan has been about $102,000.
Coastway Credit Union and Westerley Community Credit Union were the lenders for the three Rhode Island companies to receive funds through the program so far. Bank of America, Bank Rhode Island, Citizens Bank, Sovereign Bank, The Washington Trust Co. and Webster Bank are also approved to make Patriot Express loans in the state.
“I congratulate both Coastway Credit Union and Westerly Credit Union for providing critical access to capital that enabled these three veteran entrepreneurs to start and grow their businesses in Rhode Island,” Mark S. Hayward, director of the SBA’s Rhode Island district office, said in a news release, adding: “I challenge each of our lenders to make 60 veteran loans in the next 30 days.”
For additional information about the U.S. Small Business Administration and its programs, including the Patriot Express veterans’ business loan initiative, call the SBA’s Rhode Island district office at 528-4561 or visit www.sba.gov.
