June 15: Kaptur Announces Loans for Small Businesses
June 15, 2009
“Hundreds of small businesses in our region are under stress because of high unemployment and a slow economy,” said Congresswoman Kaptur.
“The ARC program can provide a financial lifeline to these businesses. They are job creators in their local communities and stalwarts of the local economy. This program can offer an infusion of capital to help them get through these tough times.”
Congresswoman Kaptur said the ARC program was approved by Congress and signed into law by President Obama as part of the American Recovery and Reinvestment Act (ARRA), also known as the economic stimulus program.
To qualify for the ARC loans, a small business must demonstrate that it is experiencing immediate financial hardship due to the economic downturn, but are otherwise deemed by the Small Business Administration (SBA) to be viable. The loans will be made by commercial lenders and can be used for payments of principal and interest for existing, qualifying small business debts such as credit card obligations, mortgages, lines of credit, and balances due to suppliers, vendors, and utilities.
Repayment of the ARC loan can extend over a five-year period, Kaptur said, and the first payment will not be due for one year, Kaptur said. There are no SBA fees on an ARC loan, she said. Businesses can apply through their local SBA-approved lenders. Loans will available through Sept. 30, 2010, or until funding runs out.
Additional information is available at https://www.sba.gov/recovery/arcloanprogram/index.html or by calling Congresswoman Kaptur’s office.
“The ARC program can provide a financial lifeline to these businesses. They are job creators in their local communities and stalwarts of the local economy. This program can offer an infusion of capital to help them get through these tough times.”
Congresswoman Kaptur said the ARC program was approved by Congress and signed into law by President Obama as part of the American Recovery and Reinvestment Act (ARRA), also known as the economic stimulus program.
To qualify for the ARC loans, a small business must demonstrate that it is experiencing immediate financial hardship due to the economic downturn, but are otherwise deemed by the Small Business Administration (SBA) to be viable. The loans will be made by commercial lenders and can be used for payments of principal and interest for existing, qualifying small business debts such as credit card obligations, mortgages, lines of credit, and balances due to suppliers, vendors, and utilities.
Repayment of the ARC loan can extend over a five-year period, Kaptur said, and the first payment will not be due for one year, Kaptur said. There are no SBA fees on an ARC loan, she said. Businesses can apply through their local SBA-approved lenders. Loans will available through Sept. 30, 2010, or until funding runs out.
Additional information is available at https://www.sba.gov/recovery/arcloanprogram/index.html or by calling Congresswoman Kaptur’s office.