I'm in the process of applying for the patriot express program, still building a nice binder to hand over to the branch manager and SBA division that I'm dealing with since it's an existing business and I have plenty of info for them beyond a basic business plan and proforma projections.
Just based off of a preliminary conversation with the branch manager and a conference call with the SBA guys they seem pretty high on it. They mentioned that instead of a term loan for the entire $150,000 I'm looking for they could use the Patriot Expresses revolving line of credit feature for the majority of the working capital I'm looking for, and a much smaller amount as a term loan for the refinancing of credit and moderate buy in to the business that I need.
I'll check back when I hear from them. Luckily I went to an SBDC councelor at an area university before I did anything else and he was able to print off a report for me that included a couple of lenders on it that had approved Patriot Express loans for the previous month. Still, I ran into some of what others have mentioned in this thread on the first couple of visits that I made to banks. The people in the office had no idea about anything related to SBA loans in general, let alone the new Patriot Express program.
With a 90% guaranty from the SBA and no where near the normal paperwork requirement, I'm not sure why more banks wouldn't know about this program. From what I've read the volume being approved in terms of SBA loans is way up and applications are no where near back to standard levels, so now is really a good time to be investigating these funding programs. Wish me luck, and I'll check back in when I get an answer!