SBA Unveils new Loan Program for Veterans

WASHINGTON – The Small Business Administration introduced a new guaranteed loan program Wednesday to help military veterans who own or want to start-up their own businesses. he Patriot Express program will guarantee up to 85% for loans up to $150,000, and up to 75% for loans between $150,000 and up to $500,000. The program is also open to spouses of veterans. he SBA’s other guaranteed loan programs cover 50% of the loan amount, up to a maximum of $350,000. SBA officials said the new loan program is aimed at helping those veterans returning from Afghanistan and Iraq and starting their own businesses, or those in the National Guard who had their businesses interrupted by call-ups for the two wars. NCUA Board member Gigi Hyland, the agency’s liaison to the SBA, touted the new program as another way to provide capital to credit union small business members. “This new SBA initiative is another mechanism credit unions can use to help members who have so bravely served our country through military service,” said Hyland.