JUNEAU - Alaska Pacific Bank, a local community bank headquartered in Juneau that serves all of Southeast, has made the first U.S. Small Business Administration Patriot Express loan in Alaska to Dirt Dog Excavation in Sitka.
The U.S. Small Business Administration launched the Patriot Express Loan Initiative nationwide last summer to increase the agency's outreach to the military community and build on the more than $1 billion in loans the agency guarantees annually for veteran-owned businesses.
Nicchia Leamer, assistant vice president for Alaska Pacific Bank in Sitka, was the commercial lender who made the loan.
"Purchasing a new dump truck was necessary in order for Dirt Dog Excavation to get the type of statewide work I'm focusing on," said Steven Pauly, owner of Dirt Dog Excavation. "The Juneau Small Business Development Center assisted me in forming a realistic business plan to present to my loan officer at Alaska Pacific Bank, who then processed the loan faster than I expected."
Those eligible to apply for Patriot Express loans are members of the military community, broadly defined to include veterans, service-disabled veterans, service members leaving active duty, Reservists and National Guard members, current spouses of any of the above, spouses of active duty members, and widowed spouses of service members who died during service or of service-connected disabilities.
Patriot Express 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 more than $150,000 up to $500,000. Patriot Express loans can be used for most business purposes; details on the initiative can be found at www.sba.gov/patriotexpress.