Yes, LOQUAT is a Scrabble word!

Letter values in Scrabble US: L 1, O 1, Q 10, U 1, A 1, T 1.

Is it a valid word?

LOQUAT is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

evergreen tree of warm regions having fuzzy yellow olive-sized fruit with a large free stone; native to China and Japan
yellow olive-sized semitropical fruit with a large free stone and relatively little flesh; used for jellies

Also: loquat tree, japanese medlar, japanese plum, eriobotrya japonica.