SBA launches new small business loan program

If your  business needs a small infusion of cash to stay afloat, an opportunity has arrived.

Small business loans are now available through America’s Recovery Capital, a temporary loan program.

The Small Business Administration is accepting loans of up to $35,000, which are designed to keep small businesses open.

Businesses must be for-profit to qualify. The deferred-payment loans are 100 percent guaranteed by the SBA, which will pay the variable interest rate of prime plus 2 percent.

Loans will be disbursed during a six-month period and must be used for payments of existing, qualifying small business debt, including mortgages, term and revolving lines of credit, credit card debt, capital leases and accounts payable to utilities, suppliers and vendors.

Borrowers must pay back the loan principal within five years, after the 12-month deferral period.

ARC loans are made by commercial lenders. For more information, visit www.sba.gov
or call (800) U ASK SBA.

One Response to SBA launches new small business loan program

  1. Hello,
    We have been in business for the last 2.5 years as On Your Mark Promotions, but as of June 15, 2009, we have become part of a franchise organization called Proforma. Our business name has changed to Proforma Mark-It Pros. We have a huge organization behind us now with lots of support, but had incurred some debt while On Your Mark Promotions especially in this tough economy. It would be great if we could get an SBA loan to help with the debt that we have accumulated.

    Please let us know what the next step is!
    Many thanks!
    Ann McNeill
    Proforma Mark-It Pros
    719-495-0702

    Ann McNeill
    June 16, 2009 at 1:44 pm