Over the last 3 1/2 years the Patriot Express SBA loan program has provided more than $560 million in loan guarantees to nearly 7,000 veterans to start or expand their small businesses. According to the U.S. Small Business Administration, the program is being renewed for three more years.
Money secured through Basic 7(a) SBA loans can be used for a variety of business purposes including funding for working capital, machinery and equipment, furniture and fixtures, land and buildings, tenant improvements under lease agreements, and, under special conditions, refinancing prior debt.
Loans are available up to $500,000 and qualify for SBA’s maximum loan 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. For small business loans above $350,000, lenders are required to take all available collateral.
Additional information on Patriot Express small business loans is available on the SBA’s Website at: http://www.sba.gov/patriotexpress/index.html. You can find your local SBA District Office by using the tool at http://www.sba.gov/localresources/index.html