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Posted May 20, 2009 | Copyright © The Northern Virginia Daily
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Program to help small businesses
Small businesses suffering financial hardship as a result of the slow economy may be eligible to receive temporary relief through a new loan program administered by the Small Business Administration.
Beginning on June 15, the SBA will guarantee America's Recovery Capital loans.
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 qualifying debt. The loans are interest-free to the borrower, 100 percent guaranteed by the SBA, and have no SBA fees associated with them.
ARC loans will be disbursed within a period of up to six months and may 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. Repayment will not begin until 12 months after the final disbursement. After the 12-month deferral period, borrowers will pay back the loan principal over a period of five years.
For more information, visit www.sba.gov.
-- Daily Staff Report
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