First Federal Joins Our List of ARC Loan Lenders
According to an article published by the Suwannee Democrat, First Federal Bank of Florida has joined the ranks of local banks offering Small Business Administration ARC Loans. First Federal President Keith Leibfried explained, “ARC loans may be used to pay on mortgages, secured and unsecured loans, lines of credit and credit cards if the debt was used for eligible business purposes under the program. We are proud to be able to offer affordable ARC loans to our customers and local community businesses that need immediate financial help.”
First Federal Bank of Florida has locations in the following Florida Counties:
Baker,Columbia,Hamilton,Lafayette,Nassau and Suwannee.
So let’s recap:
Here is the list of banks we know are participating in the SBA ARC Loan program as of July 17th:
Keep in mind that above and beyond the SBA ARC loan rules for eligibility and uses of funds, many of these banks have their own lending policies in play as well. Wachovia (and now perhaps First Federal) are willing to look at any business for ARC lending, whereas the rest seem to reserve these loans for current business account holders only.
We are here to help. The Small Business Development Center at the University of North Florida serves the small business community Throughout an 18 county area, including the counties with First Federal Bank of Florida locations as mentioned above. We know the rules and would be glad to help you with an SBA ARC Loan Application.
