As part of the Small Business Administration’s efforts to make the agency and its’ programs more relevant to small businesses, the organization today announced a new loan program targeting existing small businesses who may be experiencing short-term difficulties as a result of current economic challenges.
Beginning on June 15, SBA will start guaranteeing America’s Recovery Capital (ARC) loans. ARC loans are deferred-payment loans of up to $35,000 available to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing qualifying debt. ARC loans are interest-free to the borrower, 100 percent guaranteed by the SBA, and have no SBA fees associated with them.
Read details about the program HERE.