Just got a little information on a new SBA program called "The America's Recovery Capital" (ARC) loan program. It was designed for small businesses suffering financial hardship in this tough economy - program was initiated on June 15, 2009. This is a part of the "American Recovery and Reinvestment Act of 2009".
If you are a small business and have had profitability in the last 2 years at some point.. AND NOW ARE SUFFERING FROM THE ECONOMIC DOWNTURN.. this deal might be for YOU.
Quick summary of the info for the business owner:
- Amount available of up to $35,000.
- Can be used for business debt on a 2nd mortgage or on credit cards. BUT, must be used to pay existing indebtedness.
- 6 month advancing then 12 months deferred then 5 year amortization.
- 0% interest.
- 100% guaranteed by the SBA.