Ricky Thurman
Member
- Joined
- Oct 9, 2006
- Messages
- 275
Anyone heard of the SBA ARC Loans available? Its all part of the stimulus package passed last spring/summer.
I was just approved for mine.
$35,000 that you can take payouts on for up to 6 months. Then you go into 12 months no payments, then 60 month payout INTEREST FREE.
Meant to help small business make debt service for 6 months and improve cash flow for several months.
Who qualifies?
Must have been in business at least 2 years.
Must have shown a profit one of those two years.
Must prove some sort of financial hardship (Thats not hard to do for a business owner).
Some banks are doing them, some arent. Check around. I'm simply using it to pay off an existing equipment loan at 7% interest.....now its 0%
Here is a list of banks that have done these loans so far....
http://www.sba.gov/idc/groups/public/do ... enders.pdf
Check it out!
I was just approved for mine.
$35,000 that you can take payouts on for up to 6 months. Then you go into 12 months no payments, then 60 month payout INTEREST FREE.
Meant to help small business make debt service for 6 months and improve cash flow for several months.
Who qualifies?
Must have been in business at least 2 years.
Must have shown a profit one of those two years.
Must prove some sort of financial hardship (Thats not hard to do for a business owner).
Some banks are doing them, some arent. Check around. I'm simply using it to pay off an existing equipment loan at 7% interest.....now its 0%
Here is a list of banks that have done these loans so far....
http://www.sba.gov/idc/groups/public/do ... enders.pdf
Check it out!