Newly created loans of up to $35,000 are available to help keep businesses afloat, the SBA announced, called America’s Recovery Capital, or ARC.
The ARC loans are designed to provide a “bridge” for companies that were profitable until the financial meltdown – businesses that were once viable but now find they need financial help to weather the economic downturn.
The SBA designed the loans to enable small business owners to keep their doors open until they get back on track, said Marilyn Laverty, director of the Small Business Development Network.
“These ARC loans are another tool which will provide critical support to small businesses that are struggling and need only short-term help to make their principal and interest payments on existing business debt,” she said.
To determine if you are eligible, contact your bank for a loan application.
The ARC loans are 100 percent guaranteed by the SBA and have no SBA fees, she said.
The loans will be disbursed over a period of up to six months and will provide funds for payments of principal and interest for existing, qualifying small business debt including mortgages, lines of credit, capital leases, credit card debt and notes payable to vendors, Laverty said.
To learn more about ARC loans, contact your commercial loan officer, visit www.sba.gov or contact Marilyn Laverty for the ARC application, firstname.lastname@example.org. Laverty can also be reached at 970/943-3157.