WASHINGTON, D.C. – Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, Senator Olympia J. Snowe (R-Maine) today hailed the Small Business Administration’s (SBA) announcement that it will be renewing the Patriot Express loan program for three additional years. The Patriot Express initiative, which was originally set to expire at the end of 2010, provides enhanced guarantees and lower interest rates for SBA loans made to veterans, Reservists, and their spouses.
“Given the demonstrated success of the Patriot Express loan program since its inception, I commend the SBA for extending this initiative,” said Senator Snowe. “Our nation’s veterans and Reservists seeking to grow or expand their businesses deserve a streamlined, user-friendly process to apply for critical SBA loans, and the Patriot Express program has proven an extremely useful resource for nearly 7,000 of these brave men and women. Going forward, I urge the SBA to continue seeking ways to better improve its programs and initiatives targeted to veterans and their families.”
According to the SBA, since the Patriot Express program was launched in June 2007, the agency has provided over $560 million in loan guarantees to roughly 7,000 veteran business owners.