In just 20 months, the U.S. Small Business Administration’s Patriot Express Pilot Loan Initiative has approved more than $250 million in loan guarantees to nearly 2,900 veterans and their spouses who are using the SBA-guaranteed funds to establish and expand their small businesses.
The Puget Sound SBA office has processed 79 loans with a gross amount of $7,868,100.
More than 20 percent of the loans offered around the nation have come in the first four months of fiscal year 2009, and overall loan amounts have averaged around $88,000 per loan. Some 15 percent of the loans have gone to military spouses.
Patriot Express, launched in mid-2007, builds on the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses, and the counseling assistance and procurement support it provides each year to more than 100,000 veterans, service-disabled veterans and Reserve members. More than 14 percent of businesses in America are owned by veterans.
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