This week, the Small Business Administration (SBA) announced a new lending program geared to veterans and members of the military. The Patriot Express Loan is a streamlined loan product based on the SBA Express Program, but with enhanced guarantee and interest rate characteristics more like those of SBA Community Express loans.
The program features the SBA’s fastest turnaround time for loan approvals. Loans of up to $500,000 are available 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 from $150,000 to $500,000. For loans above $350,000, lenders are required to take all available collateral. Patriot Express Loans feature low interest rates for business loans, generally 2.25 to 4.75% over prime, depending upon the size and maturity of the loan.
For more information, visit the SBA’s website at www.sba.gov/patriotexpress.