About 10 banks in Nevada have signed up for the new business loan program that's targeted to verterans, active duty memebers of the military and their spouses.
The Patriot Express loans are available up to $500,000, with Small Business Administration guaranteeing up to 85% of loans up to $150,000 and 75% for loans above $150,000, said David Leonard, senior area manager for SBA in Reno.
Along with the institutions that won early approval, Leonard said several banks have applied for the program. Among northern Nevada lenders who alread have been approved, he said, are Nevada State Bank, Bank of America, US bank and Great Basin Bank.
Elko-based Great Basin Bank became the first Nevada-based lender to win authorization for the program.
Leonard said that only one loan so far has been made through the program in Nevada. About 135 loans nationwide have been made through Patriot Express.
SBA says the program is based on a streamlined electronic application process which speeds response. Interest rates, the agency says, runs from 2.25% to 4.75% over prime.
Leonard said he's drumming up interest in the program through presentations to members of the the Nevada National Guard as they return from Iraq. He's also talking with other veterans organizations throughout the state.
acticle found in the Northern NV Business weekly, Monday September 10, 2007 written by NNBW staff
