Preferred Capital Named an Approved Patriot Express Lender
WILMINGTON, Del. – August 7, 2007 – Preferred Capital, one of the mid-Atlantic region’s top U.S. Small Business Administration (SBA) lenders by loan volume, has been approved to offer the new SBA Patriot Express Pilot loan, a streamlined loan product available to the military community. The firm is the only lender in Delaware and one of only five in the Philadelphia region approved to provide the loan.

According to Rocco Perate, president and CEO of Preferred Capital, “We’re committed to helping America’s service men and women during the continuing war on terror. The Patriot Express Loan goes directly to the needs of these American patriots who wish to start businesses, and in the process encourages job creation and growth.”

Those groups eligible for the Patriot Express Loan include veterans, service-disabled veterans, active-duty service members participating in the military’s transition assistance program, reservists and National Guard members. The loan also is available to current spouses of any of these groups and the widowed spouses of service members or veterans who died during service or of a service-connected disability.

Patriot Express is based on SBA’s highly successful SBA Express program, but with enhanced guarantee and interest rate characteristics. It features SBA’s fastest turnaround time for loan approvals. 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 over $150,000 up to $500,000. For loans above $350,000, lenders are required to take all available collateral.

The Patriot Express Loan can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real estate purchases. Patriot Express Loans feature SBA’s lowest interest rates for business loans, generally 2.25 percent to 4.75 percent over prime depending upon the size and maturity of the loan.

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