SBA's America's Recovery Capital (ARC) Loan Program can provide up to $35,000 in short-term relief for viable small businesses.
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 SBA, and have no SBA fees associated with them.
ARC loans will be disbursed within a period of up to six months and will provide funds to be used for payments and interest for existing, qualifying small business debt including mortgages, term and revolving lines of credit, capital leases, credit card obligations and notes payable to vendors, suppliers and utilities. Repayment will not begin until 12 months after the final disbursement. Borrowers don't have to pay interest on ARC loans. After the 12-month deferral period, borrowers will pay back the loan principal over a period of five years.
Loan applications are obtained from your lender and can take up to six weeks for SBA approval. Inner Circle Advisors will work with you to put together the financial package required by your lender in order to submit the loan request to the SBA. We do not guarantee loan approval; your approval is subject to the SBA and your lender.
We want you to know all your financial options during these tough economic times. Call Inner Circle Advisors at 216.642.0330 and we can discuss whether or not this is the right option for your business.
For more information:
www.sba.gov/idc/groups/public/documents/sba_homepage/rec_arcloan_faqs.pdf |
