WASHINGTON \u2013 In just four years the U.S. Small Business Administration\u2019s Patriot Express Pilot Loan Guarantee Initiative has provided more than $633 million in SBA-guaranteed loans to 7,650 veterans to start or expand their small businesses.<\/strong><\/p>\n<\/p><\/div>\n<\/p><\/div>\n <\/p>\n Patriot Express, a pilot loan product, with streamlined paperwork, and based on the agency\u2019s SBA Express program, offers an enhanced guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses.<\/p>\n \u201cAs Independence Day arrives it is only natural for us to reflect on America\u2019s veterans \u2013 men and women who have the leadership skills and experience to become successful entrepreneurs and small business owners,\u201d said SBA Administrator Karen Mills. \u201cThe impact of this program the last four years has meant thousands of veterans and their families have had the resources to pursue their dreams as entrepreneurs, and at the same time create jobs and drive economic growth at a critical time for our country.\u201d<\/p>\n Patriot Express was launched June 28, 2007, to expand upon the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses across all its loan programs. SBA also offers counseling assistance and procurement support each year to more than 200,000 veterans, service-disabled veterans, reservists and members of the National Guard and their spouses.<\/p>\n Patriot Express loans are offered by SBA\u2019s network of participating lenders nationwide and feature one of SBA\u2019s fastest turnaround times for loan approvals. Patriot Express loans are available for up to $500,000.<\/p>\n 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. Local SBA district offices can provide lists of Patriot Express lenders in their areas. Details on the initiative can be found at www.sba.gov\/patriotexpress<\/a>.<\/p>\n To learn more about additional opportunities for veterans available through the SBA, please visit the website at www.sba.gov\/vets<\/a>.<\/p>\n