Small Business Finance News
Latest Loan To Boost Economy
Written by Miriam Lamey
Published: 5/20/2009
Small businesses will further benefit from Recovery Act assistance.
Some small businesses have struggled in the current economy and have had to lay off employees or cut back spending in other areas.
In fact, around 30 percent of small business owners in California were "very worried" about mortgage payments and feared reimbursing riskier Alt-A ARMs, or Option ARMs mortgages would substantially increase with resets, according to MerchantCircle data.
However, the Small Business Association (SBA) provides some good news for small businesses in the form of the recently unveiled America's Recovery Capital (ARC) loan that will begin guaranteeing on June 15, 2009.
The ARC loan will provide up to $35,000 for qualifying struggling small businesses and is intended to help generate jobs and get the economy back on its feet.
Loans are interest-free and small business owners have the option of deferring their payments for up to 12 months, allowing companies to take advantage of the funds and rebuild.
"These ARC loans can provide the critical capital and support many small businesses need to make it through these tough economic times," stated Karen Mills, SBA administrator.
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