New SBA loan program aimed at military community

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The Small Business Administration has launched the new Patriot Express Pilot Loan program to aid members of the military community by providing them a streamlined loan process.

Loans are available up to $500,000 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 over $150,000 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. The loans feature SBA’s lowest interest rates for business loans, generally 2.25 percent to 4.75 percent over prime depending upon the size and maturity of the loan.

Eligible participants include veterans, service-disabled veterans, active-duty service members participating in the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a veteran who died during service or of a service-connected disability.

For more information on the program, visit www.sba.gov/patriotexpress.