ARC Loans for Small Businesses

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In order to provide small businesses with temporarily relief from a slow economy, the American Recovery Capital or ARC Loan program was designed.

This program went into effect on June 15th and provides a deferred payment loan of up to $35,000.  The loans will be used to make six months of principal and interest payments.  The funds can be used to pay any business debts such as lines of credit, secured and unsecured loans, credit card debt and even mortgages. 

After the six month disbursement period it is followed by 12 months with no repayment of the ARC principal.  This is followed by a repayment period of 5 years.  The SBA pays all the monthly interest to the bank.

The loans will continue as long as their are funds available or through September 30, 2010 whichever comes first. 

For more information and eligibility requirements see the following links.

http://www.sba.gov/recovery/arcloanprogram/index.html

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