Posted at 12:30 p.m., Thursday, July 19, 2007
First Hawaiian Bank to participate in SBA loan program
Advertiser Staff
First Hawaiian Bank has been approved as the first Hawai'i financial institution to provide loans under the U.S. Small Business Administration's Patriot Express Loan program.The pilot program is available to veterans, disabled veterans, active-duty service members eligible for the military's Transition Assistance Program, reservists and National Guard members, and spouses and widowed spouses of service members or veterans who died while in service or of a service-related disability.
The loans are aimed at making it easier for more veterans to start or expand their businesses. The loans of up to $500,000 can be used for most business purposes, including startup, expansion, equipment purchases, working capital, or inventory or business-occupied real estate purchases.
The SBA guarantees up to 85 percent of loans up to $150,000 and 75 percent of loans from $150,000 to $500,000.
First Hawaiian Bank is the first bank here to be approved to provide the loans, but the SBA said it is processing applications from other lenders.
For information on the program, see www.sba.gov/patriotexpress.
