Posted by Molly Nelson - The SBA recently announced that some small businesses suffering
financially in the economic downturn may be eligible for a new loan
program. The SBA will begin guaranteeing the America's Recovery
Capital (ARC) loans on June 15.
According to an SBA press release:
"ARC loans are deferred-payment loans of up to $35,000 available to
established, viable, for-profit small businesses that need short-term
help to make their principal and interest payments on existing
qualifying debt. ARC loans are interest-free to the borrower, 100
percent guaranteed by the SBA, and have no SBA fees associated with
them."
SBA Administrator Karen Gordon Mills said the ARC loans "will free
up capital and put more money in the hands of small business owners
when they need it the most."
Check out SBA.gov for more information on the ARC loans.