SBA approves new Patriot Loans
Business

The U.S. Small Business Administration (SBA) today announced that the agency and its network of lenders have already approved more than 20 loans under the Patriot Express Pilot Loan Initiative for military community entrepreneurs, rolled out one month ago.

Patriot Express is a streamlined loan product based on the agency's highly successful SBA Express Program, but with enhanced guaranty and interest rate characteristics.

"We have received a remarkable amount of support for Patriot Express from the lending and military communities since we launched the program one month ago," said SBA Administrator Steven Preston. "It is important for us to support those who have served our country, so I am particularly pleased by the quick turn around time it has taken us to begin processing and approving loans under the new program. This success shows government can work faster and better."

The first three veterans in the nation to be approved and vetted for the Patriot Express Loan guaranteed by the U.S. Small Business Administration are:

Loan 1 $350,000 to veteran Matthew J. Lattig of Virginia, to start Charter Advisory Partners, LLC, from Sun Trust Bank of Atlanta, GA.

Loan 2

$100,000 to veteran Waldemar Medina of Connecticut, to start Walt Medina & Associates, LLC, from Webster Bank, National Association of Waterbury, CT.

Loan 3

$60,000 to veteran Roger Stone, owner of Full Line Electric LLC, from The Bank of Missouri in Perryville, MO.

Nearly 375 banks and lending institutions nationwide have already been approved to participate in Patriot Express, including many of SBA's largest lenders. SBA has many lenders in the approval process and continues to receive applications from lenders every day.

Patriot Express loans total more than $2 million dollars in the early stage of this initiative and range from $5,000 to $350,000 in individual loan amounts. Loans have already been approved in California, Connecticut, Florida, Missouri, New Mexico, Oregon, South Dakota, Texas, Virginia and Wyoming. After loan applications are approved by the bank, they are submitted to SBA for approval. Most applications are approved by SBA within 24- hours.