WASHINGTON, June 18 (UPI) -- The U.S. Small Business Association announced it has launched a new program to support the American military community.
The SBA said in a statement Thursday it had inaugurated a new Patriot Express Pilot Loan program "as the latest extension to the financial, procurement, and technical assistance programs the agency provides to the military community."
"With military activations and extensions having a profound impact on entrepreneurs in the military community, SBA is committed to helping America's service men and women during the continuing war on terror," said SBA Administrator Steven Preston.
The Patriot Express program was "available to military community members including 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 service member or veteran who died during service, or of a service-connected disability," the agency said.
The SBA said that under the new program loans would be offered "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. For loans above $350,000, lenders are required to take all available collateral."
"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 agency said.
The program would offer the 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," the agency said.
The Bush administration is seeking to expand and launch programs to boost support for U.S. military veterans.
