Success News

SBA Number: 08

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For info. contact Kate Herrington at (802)828-4422

VT Businesses Receive Funding Through SBA Patriot Express Program

In support of our country’s veterans, the U.S. Small Business Administration’s Vermont office has asked lenders to offer a special kind of business funding.  Designed specifically for members of the military community, the SBA’s Patriot Express Loan Initiative features an enhanced interest rate and guarantee. 

Of Vermont’s SBA-participating banks, thirteen have signed on as Patriot Express lenders and two have already approved Patriot Express loans. 

Passumpsic Savings Bank, the first bank in Vermont to approve a Patriot Express loan, provided Rick Hanks with the funding he needed to upgrade his restaurant, Hi-Boy Family Restaurant in Lyndonville.  The upgrade has made a difference.  “Before I left for Iraq, we were increasing business by 10 to 20 percent every year,” said Hanks.  “It’s taken some time, but we’re getting things back to the way they were.” 

The second Patriot Express loan, provided by Union Bank, will provide funding to Bradley Novak, a U.S. Marine veteran and cabinet maker by trade.  With the loan money, Bradley hopes to gain the competitive edge by purchasing laser-engraving machinery for his business, BPN Laser Engraving and Custom Woodworking, St. Johnsbury.

The Patriot Express Loan Initiative began in June 2007.  Patriot Express Loans can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.  Loans are available up to $500,000 and feature SBA’s fastest turnaround time for loan approvals.

The U.S. Small Business Administration is an agency of the federal government.  SBA guarantees loans made by financial institutions such as banks and credit unions.  For a list of participating Patriot Express lenders, contact the SBA Vermont District Office at (802) 828-4422.