About 10 banks in Nevada have signed up for a new business-loan program that's targeted to veterans, active-duty members of the military and their spouses.
The Patriot Express loans are available up to $500,000, with the Small Business Administration guaranteeing up to 85 percent of loans up to $150,000 and 75 percent for loans above $150,000, said David Leonard, senior area manager for the 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 already 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 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, run from 2.25 percent to 4.75 percent over prime.
Leonard said he's drumming up interest in the program through presentations to members of the Nevada National Guard as they return from Iraq. He's also talking with other veterans organizations throughout the state.
