Now….THAT got your attention, didn’t it?
We just received information on the SBA’s new America’s Recovery Capital (ARC) loan program, allowing deferred-payment loans of up to $35,000 to “established, viable, for-profit small businesses.” For more information on the loan program, click here.
The ARC program was created as a no-interest, deferred payment loan to help small businesses that have a history of good performance, but as a result of the tough economy, are struggling to make debt payments.
ARC loans will be disbursed within a period of up to six months and will provide funds to be used for payments of principal 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-moth deferral period, borrowers will pay back the loan principal over a period of five years.
