SBA ARC Loan

[Ricky Thurman]

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!

 

[floorguy]

how big of pita was it to get???

 

[Jeff Madsen]

Could you elaborate on "must prove some financial hardship"? Is that like "it's winter, my sales are off because I live in a frozen hell wasteland, I just paid for a wedding and I wiped out all my savings"? Or do you mean real hardship?

 

[joeynbgky]

what kind of credit score do you have to have?

 

[Ricky Thurman]

Very easy to get. Simple yes/no questionaire to answer and give description of what you are going to use the money for and last two years tax returns.

I don't know what kind of credit score is required....mine is above 720.


I think the financial hardship is not so much the issue as, how will you utilize it to increase cash flow.

 

[John Buxton]

Ricky,

Thanks for posting this.

Buck

 

[ACE]

Damn!
I got my SBA loan last summer. I wonder why I didn’t get in on this program. I am paying 6.25% .