Are you a veteran? The SBA has a special loan program for veterans who own a small business. In just two years, the Small Business Administration Patriot Express Pilot Loan initiative has supported more than $315 million loans to more than 3,750 veterans and their spouses who are using the SBA-backed loans to expand their businesses. After passage of the Recovery Act, the number of Patriot Express loans has increased to record levels in April and May.

Patriot Express, launched in June 28, 2007, builds on the more than $1 billion in loans the SBA guarantees annually for veteran-owned businesses. These loans are a streamlined loan product based on the agency's highly successful SBA Express Program, but with an enhanced guaranty and interest rate. The loans are offered by an SBA network of participating lenders nationwide and features one of SBA's fastest turnaround times for loan approvals. Loans are available up to $500,000 and qualify for SBA's maximum guaranty of up to 90 per cent.

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 will have a listing of Patriot Express lenders.

Interest rate maximums for Patriot Express loans are the same as those for regular 7 (a) loans: a maximum of Prime plus 2.25 per cent for maturities under seven years and Prime plus 2.75 per cent for seven years or more. Interest rates can be higher by two per cent for loans of $25,000 or less.

Patriot Express is available to the military and veterans and have been approved for all 50-states with guarantee generally ranging between $5,000 and $375,000 with an average loan of about $85,000. Most applications are approved by SBA within 24-hours.