SBA emergency loan program to start
mid-June
Viable small businesses that have qualifying small business loans and are experiencing immediate financial hardship may be eligible for the U.S. Small Business Administration’s America’s Recovery Capital Loan Program, effective June 15. The new loan program can provide up to $35,000 in short-term relief to help ride out the recession.
The loans, which are interest-free, fee-free and carry a 100 percent guaranty from the SBA to the lender, will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first. They can be used to make payments of principal and interest, in full or in part, on one or more existing, qualifying small business loans for up to six months.
More information is available at www.sba.gov/recovery/arcloanprogram/index.html.
