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Specifically, Senator Nelson is talking about the ARC Loan program. He feels it is underperforming and crucial banks who have received bail out funds are not participating. The staff at the Small Business Development Center at the University of North Florida have a fairly large number of loans in to the program since the inception […]
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 […]
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 […]
The press services are abuzz with talk out of the White house that the government may use returned bank bailout money to make funds available to small businesses. The current lending environment is almost non existent as banks lick their wounds and resist full participation in the risky but guaranteed SBA ARC loan program. According […]
Marcia Hiroux Pounds writes in the Sun-Sentinel that there is a great deal of frustration on the part of small businesses in South Florida that banks are not lending at a time when they need it most. This pretty much mirrors what is happening in Northeast Florida as well. Borrego Springs Bank, while not participating […]
Rachel Witkowski writes in the Jacksonville Business Journal this week that not all banks are jumping on the ARC loan bandwagon. We are seeing a lot of activity and have been providing technical asssistance to applicants daily. Check the UNF Small Business Blog often for program updates. Most bankers have either turned down or tiptoed […]
Mark Deo writes in this Reuters piece (with a nod to Entrepreneur.com) about the hesitancy of banks to play in the SBA’s ARC loan arena. We have a number of ARC loans going in for approval and if our clients do indeed receive funding to pay down debt, it may well be the difference between […]
Thanks to Coleman Publishing for featuring our blog on their nationally known website! ARC LENDERSWachoviaWells Fargo & Co.J.P. Morgan Chase & Co.PNC Financial Services Group Inc.Regions BankSuntrustBB&T Courtesy: University of North Florida SBDC Known Participating Banks in the SBA ARC Loan ProgramUniversity of North Florida (SBDC) released a list of 8 lenders making SBA ARC […]
Known participating banks in the SBA ARC loan program as of June 20th: Wachovia Wells Fargo & Co. J.P. Morgan Chase & Co. PNC Financial Services Group Inc. Banco Popular North America Regions Bank Suntrust BB&T Here is a Wall Street Journal article written by Raymund Flandez that adresses the current Arc lending situation. SBA […]
The SBA’s ARC Loan program started June 15th. As of today it is known that Wachovia Bank, Regions Bank, and BB&T are participating. It is thought that Suntrust and Banco Popular may also be a participating bank but this is not confirmed. Contact the bank directly to get a loan application. Contact your own bank […]
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