By Gerardo R. Partido
Variety News Staff

AS GUAM and the rest of the nation celebrate Veteran’s Day, the U.S. Small Business Administration is reporting that its new veteran loan program is showing early signs of success.
In the four months since its launch, SBA’s Patriot Express Loan Initiative has produced more than 500 SBA guaranteed loans amounting to $51 million, with an average loan amount of nearly $102,000.
“Each day sees the number of Patriot Express loans rise and the number of participating lenders, currently more than 700 nationwide, rise as well,” said SBA administrator Steve Preston.
“We thank these lenders, and those coming aboard, for their special efforts on behalf of entrepreneurial veterans and others in our military community.”
On Guam, a number of local veteran-owned businesses have taken advantage of the program’s vast capital and quick loan processing.
According to SBA Guam office branch manager Ken Lujan, SBA has funded three Guam businesses to date and SBA officials are hoping more veterans or their spouses will take advantage of the guaranteed loans offered by the program, which are backed by the government and funded through commercial lenders.
“SBA plays a key role in helping small businesses in general get the capital they need and now we can offer a specific loan program to veterans to help them succeed in their business careers,” said Lujan.
“With assistance from our lending partners in the Patriot Express loan program, we’re proud to help our veterans.”
According to Lujan, Patriot Express loans can be used for most business purposes, including start-ups, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases.
Loans are available up to $500,000 and qualify for SBA’s guaranty. On Guam, veterans have used the loan for local companies such as Painting Dynamics Inc. in Ordot; Sister’s Store in Talofofo; and Unitek Environmental-Guam in Agat.
About $335,000 in Patriot Express funds have been loaned in three months to the Guam veteran-owned small businesses through Citizens Security Bank. The other approved Patriot Express lenders on Guam are BankPacific Ltd., Bank of Hawaii and First Hawaiian Bank.
“Almost 15 percent of businesses in America are owned by veterans, and SBA is proud that across the United States last year, we guaranteed over $1 billion to veteran-owned businesses,” noted Lujan.
“The unique technical and leadership skills veterans acquire through military service can make them successful entrepreneurs. At SBA, we’re ready to help them start or expand their own business,” he added.