Friday, July 24, 2009

Small Businesses Can Apply for ARC Loans

The SBA has begun offering loans for a temporary new program called America's Recovery Capital. "ARC" loans of up to $35,000 are designed to provide a "bridge" for viable small businesses with immediate financial hardship--to keep their doors open until they get back on track.

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 and qualifying business debt. ARC loans are 100% guaranteed by the SBA and have no SBA fees associated with them.

ARC loans will be disbursed over a period of up to six months and will provide funds to be used for payments of principal and interest for existing, qualifying small business debt including mortgages, term and revolving lines of credit, capital leases, credit card obligations and notes payable to vendors, suppliers and utilities.

For more information on ARC loans, visit www.sba.gov or contact your Illinois Small Business Development Center.

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