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Small Business Administration Loans Available June 15, 2009

The Small Business Administration (SBA) has announced availability of the America's Recovery Capital Loan Program (ARC Loan) starting June 15, 2009. These ARC loans are available through local commercial lenders and 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.

For more information about ARC loans, program eligibility and applying for an ARC loan, visit the SBA website at:
http://www.sba.gov/recovery/arcloanprogram/index.html

"ARC loans are interest-free to the borrower, carry a 100 percent guarantee from the SBA to the lender, and require no fees paid to SBA. Loan proceeds are provided over a six-month period and repayment of the ARC loan principal is deferred for 12 months after the last disbursement of the proceeds. Repayment can extend up to five years. The best candidates for ARC loans are small businesses that in the past were profitable but are currently struggling, yet have been making loan payments or are just beginning to miss loan payments due to financial hardship."

For additional information, contact any of the following:

  • SBA customer assistance toll free: 1-866-947-8081
  • SBA regional office (Augusta): 207-622-8551
  • Your local lender