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Patriot Express

The Patriot Express Pilot Loan Initiative allows lenders with Patriot Express authority to make offers similar to lenders with SBAExpress authority, but the business owner is more limited. To be eligible to receive a Patriot Express Loan, the business must be owned and controlled (51 percent or more) by eligible veterans and members of the military community who want to establish or expand a small business.

Eligible military community members include:

* Veterans
* Service-disabled veterans
* Active-duty service members eligible for the military's Transition Assistance Program
* Reservists and National Guard members
* Current spouses of any of the above, including any service member
* Widowed spouses of service members or veterans who died during service or of a service-connected disability

Other factors that apply to any Patriot Express loan:

* The maximum dollar amount for any Patriot Express loan is $500,000
* A Patriot Express term loan can be used for any of the same purposes as a Basic 7(a) Loan, including start-up, expansion, equipment purchases, permanent working capital, and inventory or business-occupied real estate purchases
* A Patriot Express Revolving Line of Credit can be used to obtain working capital, which must be repaid as the lender dictates
* Maturities are the same as SBAExpress loans
* Collateral requirements are the same as SBAExpress for loans up to $350,000. SBA does not require any collateral for loans or lines of credit under $25,000 (but the lender may). For loans over $350,000, lenders are required to either obtain all collateral or enough collateral so the value is equal to the loan amount.
* Patriot Express lenders can use their own forms, analysis and procedures to process, service and disburse Patriot Express loans
* Lenders can receive a maximum 7(a) guaranty of 85 percent for loans of $150,000 or less and 75 percent for loans over $150,000 up to $500,000
* Lenders who provide these loans are authorized to receive Patriot Express guarantees. Your local SBA district office has a listing of Patriot Express lenders in your area.


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