Wednesday, June 17, 2009

Get an ARC Loan For Your Business--While You Can

The federal Small Business Administration has announced rollout of the much-awaited ARC (America's Recovery Capital) loans. What's ARC? These are loans for struggling (but still viable) for-profit businesses to get through the though economic period. They are no-interest 12-month deferred payment loans to pay either the interest or principle on previous loans. The maximum size is $35,000, and they are NOT for new businesses, only existing businesses that are deemed viable by the SBA. For more details, see the FAQ.

The money is there until September 30, 2010, or until the money runs out, whichever comes first. Since the amount of money is pretty limited, though, I'm betting on "whenever the money runs out." If you are possibly eligible, call 866-947-8081 or check the web sites above for more information.

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