WASHINGTON – The U.S. Small Business Administration’s Patriot Express guarantee program has provided more than $633 million in SBA-guaranteed loans to 7,650 veterans to start or expand their small businesses.
Locally, the four-year-old program has led to 42 loans totaling $6.32 million in Rhode Island and 10 loans worth $1.03 million in Bristol County, Mass.
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Patriot Express, a pilot loan product based on the agency’s SBA Express program, offers less paperwork and a special guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses.
“The impact of this program the last four years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create jobs and drive economic growth at a critical time for our country,” said SBA Administrator Karen Mills.
Patriot Express was launched June 28, 2007, to expand upon the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses across all its loan programs. SBA said it also offers counseling assistance and procurement support each year to more than 200,000 veterans, service-disabled veterans, reservists and members of the National Guard and their spouses.
Patriot Express loans feature one of SBA’s fastest turnaround times for loan approvals, the agency said. Patriot Express loans are available for up to $500,000.
The Patriot Express loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. Local SBA district offices can provide lists of Patriot Express lenders in their areas.
