As of June 15, 2009 the Small Business Administration (SBA) has a new loan program to help small businesses during these tough economic times. The American Recovery Capital (ARC) Loan Program can provide up to $35,000 in short-term relief to struggling small businesses. However, businesses are limited to just one ARC loan and must meet a list of criteria to be eligible. Some of the eligibility requirements include:
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Must be a viable, for-profit small business in the U.S.
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Must have qualifying small business loans (credit card obligations, capital leases, notes payable, etc.)
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Proof that the business is experiencing immediate financial hardship (loss of customer base, increased business expenses, reduction in working capital, inability to restructure, etc.)
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Provide financial statements to show business was profitable in one of the past two years
This program is not designed to start-up businesses or for borrowers who already have severely delinquent loans. However, if you think your business is a good candidate for this program and would like to apply for an ARC loan, please contact our office for further information and assistance.
