U.S. Small Business Administration (SBA) Launches 100-Percent Guarantee ARC Loan Program to Help Struggling Businesses
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Small businesses suffering financial hardship as a result of the slow economy may be eligible to receive temporary relief to keep their doors open and get their cash flow back on track through a new loan program announced by U.S. Small Business Administration (SBA) Administrator Karen G. Mills.
Beginning on June 15, the 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.
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