Are New SBA Recovery Loans Too Little, Too Late?

I read in a trucker owner/operator magazine called LandLine about trucking companies that have applied for the new Small Business Administration's "America's Recovery Capital" emergency loan program. These trucking company owners were promised quick response (days) and they are still waiting weeks later. This is really sad to hear.

The new ARC loan program began June 15. Under this program, small businesses can get up to $35,000 in emergency cash to pay loans and other bills that are due. Then, the business has up to 5 years to pay back the bank, backed by the SBA. This sounds like a great program to help small businesses that are dealing with a cash flow crisis.

But if the loans are not processed quickly, it may be too late for some businesses, like the trucking company mentioned in the LandLine article. A small business who has a payment due today needs the loan today, not weeks from now. Tomorrow may be too late to save a small company from bankruptcy and shut-down.

Have you tried to get an ARC emergency loan? What has been your experience? Go to my Readers Respond article where you can give your comments. Read more about the ARC loans and let other readers know about your experience.