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SBA’s Patriot Express loan program tops $250 million


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The U.S. Small Business Administration (SBA) has provided more than $250 million in loan guarantees to nearly 2,900 veterans and their spouses through its Patriot Express program, an initiative it began less than two years ago. More than 20 percent of those loans were made in the first four months of fiscal 2009, which began July 1, 2008.

About 1 percent of those loan guarantees, $2.57 million, were used to secure 26 SBA-guaranteed funds in Iowa. Fifteen of the loans were made to active-duty service members, and spouses received five of the loans. Among the small businesses receiving the loan guarantees was Gloria Mendez Insurance Agency in West Des Moines, Okoboji Tree Specialists in Milford and Wellspring Chiropractic in Iowa City.

Based on the SBA Express program, the Patriot Express program is available for loans of up to $500,000. Loans made through the program qualify for the SBA’s maximum loan guarantees 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. Nationally, the average loan amount guaranteed has been $88,000.

More information about the initiative can be found at www.sba.gov/patriotexpress, and a list of participating lenders can be obtained by calling the SBA Des Moines District Office at 284-4422.

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