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The Small Business Administration on June 13 kicked off the Patriot Express loan program, which allows veterans, their spouses and surviving spouses to borrow up to $500,000 with an SBA guarantee of up to 85 percent.
The pilot initiative targets veterans, service-disabled veterans, active-duty members eligible for the military's transition assistance program, reservists and National Guard members.
It's also open to current spouses and widows/widowers of those who died during service or of a service-related disability.
"These individuals served their nation with honor. Now it's our turn to honor them," said Frank Sciortino, director of the Buffalo District SBA office."Before, we always tried to make as many loans as we could to veterans, but in this case, it's specifically for veterans," Sciortino said.
Last year, area lenders approved 97 loans for $11.3 million through the 7(a) loan program, and another two loans for $600,000 through its 504 loan program to individuals who identified themselves as being veterans.
Since this fiscal year began Oct. 1, lenders have approved another 27 loans for $1.7 million through the 7(a) program and two more for $1.3 million through the 504 program.
Sciortino anticipates that number will rise."We're anticipating the number and percentage will go up," he said. "We're always proud of what we've done in veterans loans, but we can do more."
The program goes beyond just offering loan guarantees: Veterans will receive a package of financial, procurement and technical assistance programs that includes help in writing business plans, managing a business and expanding their existing business.
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