November 2007

First Iowa Patriot Express Loan recipient named

Greg Crowley, DC, of Asbury Family Chiropractic in Dubuque, Iowa, is the first veteran small-business owner in Iowa to take advantage of the U.S. Small Business Administration’s new Patriot Express Loan Initiative.

“Since we learn so much about being disciplined, veterans are the perfect choice to run a small business where discipline is so important,” he said.

Crowley, a veteran of the U.S. Navy, turned to Dubuque-based Dupaco Community Credit Union when he was ready to launch his business in 2006. The credit union used an SBA guaranteed loan to provide startup financing. By July 2007, Crowley needed additional funding to expand his business, and again the credit union and the SBA were able to help.

The new SBA Patriot Express program, designed specifically for veterans and the military community, was launched in late June.

The Patriot Express Loan Initiative is offered by SBA’s network of participating lenders nationwide. Loans are available up to $500,000 and qualify for SBA’s maximum guaranty of up to 85 percent for loans of $150,000 or less and up to 75 percent for loans from $150,000 up to $500,000. The loan is available to veterans, service-disabled veterans, active-duty service members participating in the military’s Transition Assistance Program, reservists, National Guard members, current spouses of any of the above, spouses of active-duty members, and widowed spouses of service members or veterans who died during service or from a service-connected disability.

For information on SBA’s Patriot Express Initiative, visit www.sba.gov/patriotexpress.

Source: U.S. Small Business Administration, www.sba.gov

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