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An initiative that has provided more than $560 million in loan guarantees to nearly 7,000 veterans for their small businesses is being renewed for three years, according to the U.S. Small Business Administration.
Patriot Express, a streamlined pilot loan product based on the agency's SBA Express program, offers an enhanced guarantee and interest rate on loans to small businesses owned by veterans, reservists and their spouses.
The loans are offered by participating lenders and are available for up to $500,000. They can be used for most business purposes, including start up, expansion, working capital, inventory and buying equipment and real estate.
Local SBA district offices can provide a list of Patriot Express lenders. Details can be found at www.sba.gov/patriotexpress. The agency also offers counseling and procurement support.
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