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SBA program sees record response

WASHINGTON — In just two year’s time, the SBA’s Patriot Express Pilot Loan Initiative has supported more than $315 million in loans to more than 3,750 veterans and their spouses who are using the SBA-guaranteed funds to establish and expand their small businesses.

As a result of the American  Recovery and Reinvestment Act, which raised loan guarantees to 90 percent, and eliminated fees temporarily, the number of Patriot Express loans increased to record levels in April and May 2009.

Patriot Express is a streamlined loan product based on the agency’s highly successful SBA Express Program, but with an enhanced guaranty and interest rate.

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