New small business loan available
If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration has a new loan program designed just for you. SBA’s America’s Recovery Capital Loan Program can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability. ARC loans will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first.
ARC loans can be used to make payments of principal and interest, in full or in part, on one or more existing, qualifying small business loans for up to six months. The loans provide an immediate infusion of capital to small businesses to assist with making payments of principal and interest on existing debt. These loans allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and to retain jobs.
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