Patriot Express

• Guaranteed loan amount
  • $500,000
• Percentage of guarantees
  • Maximum guarantee of 75% up to $375,000
  • 85% if gross loan is $150,000 or less
• Loan proceeds must be used for:
  • Working capital
  • Machinery
  • Equipment
  • Furniture and Fixtures
  • Land and Building
  • Leasehold Improvements
  • Debt Refinancing
  • May be used for revolving lines of credit ( up to 7 years maturity ) or for a term loan
• Maturity depends on ability repay
  • Generally working capital is 5 – 10 years
  • Up to 25 years for fixed assets such as purchase or renovation of real estate or equipment ( not to exceed the life of the equipment )
  • Maximum of 20 years on current or existing buildings
• Maximum interest rates are both fixed and variable. 
  • 2.25% plus prime for loans less than 7 years
  • 2.75% plus prime for loans 7 years or greater
  • Lines of credit may resolve for only 5 years and must be repaid within no more than 7 years
• Guarantee Fees
  • 2% on guaranteed portion of loans up to $150,000
  • 3% on the guaranteed portion of loans more than $150,000
  • ¼% for lines of credit up to one year
• Lenders are not required to take collateral for loans up to $25,000
  • Lenders my use existing policy for loans over $25,000 up to $150,000
  • For loans greater than $150,000, follow the SBA’s General collateral policy
• To be qualified:
  • You must be a for profit business and meet SBA size standards
  • Show good character, credit management and the ability to repay
  • Must be located in the US or its territories or possessions
  • Small businesses must be owned and controlled by one or more of the following groups equality 51% total ownership
    • Veterans
    • Active duty military
    • Reserves or National Guard member or spouse of any of these groups or a widowed spouse of a service member or veteran who died during service or a of a service connected disability