New SBA Loan Program for Small Businesses

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New SBA Loan Program for Small Businesses

May 19, 2009

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 for more information on the ARC loans.

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