A Small Business Administration program intended to give veteran-owned companies easier access to loans has come under fire for high default rates that have cost taxpayers over $31 million.

The Patriot Express program, founded in 2007, offers loans of up to $500,000 to eligible members of the military community who want to start or expand a small business. The program's costs far exceed its benefits, according to a study by the federal Government Accountability Office, first reported Thursday in the Washington Post.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.