From the article: Can I Get an SBA Loan Through the ARC Program for my Small Business?
On June 15, 2009, the Small Business Administration began funding its new America's Recovery Act loan program, to help small businesses who are struggling to repay their loans in today's difficult economic times.
What is your experience so far with this emergency loan program?
Have you applied for an ARC loan? Did you get the loan?
Did you find the process easy or difficult?
How helpful was the bank?
Have you decided not to apply?
Share your experience to help others.
Share Your Experience
No Qualifying Debt
- The ARC loans require that the business have debt, such as credit cards. Earlier this year we paid off all our business credit cards and other loans. Now we're debt free, but cash-strapped. We could sure use a $35,000 loan as a bridge to 2010 when we'd be able to pay off the loan in full. But we don't qualify for the loan because we're debt-free. So much for a stimulus break for this small business.
- —unimposed
My thoughts
- As usual, the banks are blaming the SBA and the SBA is blaming the banks. It's too bad the business owners have to wait for these critical loans.
- —Guest Guest
