SBA ARC Loans:Eligibility and Uses of Funds
America’s Recovery Capital (ARC) Loan Program is a new temporary guaranteed-loan program authorized by the American Recovery and Reinvestment Act of 2009 (the Recovery Act) (P.L. 111-5, 123 Stat. 115) enacted on February 17, 2009. ARC Loans provide small businesses access to the capital needed to drive economic recovery and to retain jobs.
ARC Loans are deferred-payment loans of up to $35,000 and are available to viable, for-profit small businesses located in the United States that need short-term help to make their principal and interest payments on existing, qualifying loans. ARC Loans are interest-free to the borrower, 100% guaranteed by SBA to the lender, and have no fees associated with them.
Business Borrowers Alliance, A New Jersey financial services company produced the following short, but informative video on the basics of the SBA ARC loan program. Any existing business that has been profitable in one of the last two years and has some debt they would like to pay off with no interest should watch this video.
If you would like assistance with applying for an SBA ARC loan, contact the Small Business Development Center at the University of North Florida at 904-620-2476
