Small Business Administration (SBA) 7(a) Patriot Express Loan Program
A subprogram of the SBA 7(a) Loan Program, the SBA 7(a) Patriot Express Loan program is designed to provide veterans and families of veterans with funding to establish or expand a small business.
Eligible Borrowers:
- Veterans and service-disabled veterans
- Active-duty members in TAP
- National Guard members and reservists
- Current spouses of the aforementioned
- Widowed spouse(s) of a service member or veteran who died during service or of a service-connected disability
Loan Amounts
- Maximum: $500,000
- Minimum: $50,000
Guaranty Percentages
- 85% up to $150,000
- 75% over $150,000 up to $500,000
Terms
- Working capital: Up to 7 years
- Equipment: Up to 10 years
- Fixed assets (real estate): Up to 25 years
Approved Uses of Proceeds
- Land acquisition
- Construction or renovation
- Purchase of machinery or equipment
- Purchase of furniture or fixtures
- Working capital
- Inventory
- Seasonal line of credit
- Refinancing existing debt
- Purchase of an eligible business
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