SBO Panel Discussion June 23rd
If the economic downturn has hurt your business, you may qualify for a short-term loan from the new SBA-sponsored program dubbed ARC (which stands for America’s Recovery Capital) Loan Program.
This is just one topic that will be addressed in the NEW North-sponsored panel discussion, “Stimulus Opportunities for Small Business,” on Tuesday, June 23, from 9-11 AM at the NWTC Business Assistance Center. Attendance is limited to 40 people, so register soon.
Full details about ARC should come out in June. In the meantime, here is what we know so far:
1. The loans are interest-free, backed by the SBA.
2. Repayment is deferred for 12 months.
3. You may be eligible if your business is struggling due to lost customer base, an increase in costs, or a reduction in working capital or employees.
4. The maximum amount you may be eligible for is $35,000.
5. Loan payments can be used to make principal and interest payments on existing loans over a six-month period.
6. Loans will be approved on a case-by-case basis.
7. Loans will be available from SBA-participating banks.
8. Loans will be available until allocated fund are depleted or September 10, 2010, whichever comes first.
The purpose of these loans is enable businesses to redirect their normal cash flow from loan repayment to investment in their businesses, such as inventory, expansion, payroll, and more.
Are ARC loans a good idea? We’re not sure yet. It will all depend on the fine-print details.
Find out more about ARC loans at the June 23 panel discussion. Admission is free, but seating is limited to 40 attendees, so register soon. To register, contact Alex Kowalski, President, Alta Exchange Group either by email at alex@altaexchangegroup.com or phone (920-540-1072).
John R. Ingrisano
Writing For The N.E.W. North
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