WASHINGTON – In just four years the U.S. Small Business Administration’s Patriot Express Pilot Loan Guarantee Initiative has provided more than $633 million in SBA-guaranteed loans to 7, 650 veterans to start or expand their small businesses.

Patriot Express, a pilot loan product, with streamlined paperwork, and based on the agency’s SBA Express program, offers an enhanced guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses.

“As Independence Day arrives it is only natural for us to reflect on America’s veterans – men and women who have the leadership skills and experience to become successful entrepreneurs and small business owners,” said SBA Administrator Karen Mills.  “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.”

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 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 are offered by SBA’s network of participating lenders nationwide and feature one of SBA’s fastest turnaround times for loan approvals.  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.  Details on the initiative can be found at www.sba.gov/patriotexpress.

To learn more about additional opportunities for veterans available through the SBA, please visit the website at www.sba.gov/vets.

The Patriot Express Loan was created by the Small Business Administration to help veterans, military members and their spouses acquire the loans necessary to begin or expand a small business. Patriot Express Loans are available to service disabled veterans and military members who meet specific eligibility requirements. Some of the requirements for a loan from the Small Business Administration include being an active-duty service member who is eligible for the military’s Transition Assistance Program, current veterans or service disabled veterans, spouses of military members, veterans or service disabled veterans or the widow of a service member who died during service or from a service-connected disability. Any of those qualify for eligibility for a Patriot Express Loan for the expansion or beginning of a small business.

Patriot Express Loans are under a Loan Guarantee policy from the Small Business Administration. This means that the Small Business Administration, rather than actually lending money, guarantees repayment of loans. By doing this, it allows a small business to receive much needed loans they might not otherwise be able to obtain via normal lenders. This kind of loan is the primary kind the Small Business Administration offers small business owners. Patriot Express Loans can be used for things such as purchasing equipment and machinery, real estate or facilities, funding for working capital, fixtures and furniture, refinancing loans and debt (under extremely particular occasions) and for many other necessities veterans, service disabled veterans and military members need to keep their small businesses thriving.

In order to obtain a Patriot Express Loan, you’ll have to confirm that you meet all necessary eligibility requirements. Once you have stated your eligibility, you will be able to be considered for a Patriot Express Loan.  Patriot Express Loans are available in varying amounts up to $500,000. Depending on the amount of the loan, the Small Business Administration’s maximum loan guarantee can be as high as 75 percent. Some loans have maximum guarantees as high as 85 percent.

The Patriot Express Loan program is set to expire December 31, 2010, so military members, service disabled veterans and other veterans have until then to obtain a loan through the Small Business Administration.