Patriot Express
The Patriot Express Program is designed for small businesses that are 51 percent or more owned/controlled by veterans or members of the military community.
| Maximum Loan Amount: | $500,000 |
| Maximum SBA Guaranty %: | Follows SBA standard 7(a) guarantee percentages |
| Interest Rate: | Rate may be fixed or variable; lenders and borrowers can negotiate interest rate, but lenders may not charge more than 2.25 % over prime rate for loans of less than seven years and 2.75 % over prime for loans greater than seven years; lenders may charge 1 % more for loans of $50,000 or less and 2 % more for loans of $25,000 or less. |
| Eligibility Decision: |
Must meet standard SBA 7(a) loan eligibility and must be 51 % or more owned/controlled by:
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| Revolving Lines of Credit: | Up to seven years with maturity extensions permitted at the outset. |
| SBA Turnaround Time | Within 36 hours |
| Forms: | Streamlined: Lender primarily uses own forms and procedures. |
| Collateral: | Lenders are not required to take collateral for loans up to $25,000; may use their existing collateral policy for loans over $25,000 up to $350,000, but must take available collateral for loans greater than $350,000. |
| Credit Decision | By lender. |
| Purchase | May request expedited SBA purchase on small loans or in situations where liquidation may be delayed. |
Loans made under this program generally follow SBA’s standards for the 7(a) Loan Program.
Eligibility
A lender may be eligible to participate in Patriot Express if it currently participates with SBA and meets certain performance standards. There are no minimum SBA loan volume requirements to begin making Patriot Express loans. A non-SBA lender that makes a reasonable number of commercial loans of $50,000 or less may be eligible to participate, but must apply for SBA loan authority.
For More Information
For more information, contact your local SBA District Office.
