Bank recognized for supporting veterans

    PATTEN – The U.S. Small Business Administration (SBA) in Maine recognized Katahdin Trust Co. for their efforts in promoting veteran-owned small businesses.
    Katahdin Trust, headquartered in Patten, was recognized as the first Maine lender to approve one of SBA’s new Patriot Express loans. Thanks to this Patriot Express loan, Valley View Cabins has increased its capacity to provide lodging to guests at their facility on Long Lake in Sinclair.
    The Patriot Express Loan Initiative began in June 2007. Patriot Express Loans can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases. Loans are available up to $500,000 and feature SBA’s fastest turnaround time for loan approvals.
    Under this program, eligible military community members include veterans, service-disabled veterans, active-duty service members eligible for the military’s Transition Assistance Program, reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service of a service-connected disability.
    The SBA and its resource partners are focusing additional efforts on counseling and training to augment loan initiatives.
    The U.S. Small Business Administration is an agency of the federal government. SBA guarantees loans made by financial institutions such as banks and credit unions. For a list of participating Patriot Express lenders, contact the Maine District Office at 207-622-8274 or visit www.sba.gov/patriotexpress. John Gardner (john.gardner@sba.gov) is the Veteran’s Affairs Officer for the Maine SBA and is available to assist Maine’s veteran community.