Money Available … Small Businesses and Consulting Practices Can Claim a Part of the Stimulus Bill Could your business or your consulting or coaching practice use a little financial relief? If your qualifying small business is struggling to repay certain types of debts, it may qualify for a loan from the new ARC program, which is being administered by the US Small Business Administration. ARC loans are monies made available to qualifying for-profit small businesses based in the US. Your existing small business may quality for some help to pay debts such as: Company credit card payments. Notes to vendors or suppliers. Capital leases. Loans made by or with a Small Business Administration guaranty, (on or after February 17, 2009). Development Company Loan Program first lien loans (504). The Small Business Administration’s “America’s Recovery Capital Loan Program,” could provide you as much as $35,000 in short-term relief, designed to help get you through the current economic hard times. Some of the qualifications for loan eligibility include: Your company must be US based. You must have financial statements (i.e., a balance sheet, income statement, and cash flow statement) and be able to demonstrate that you were profitable in one or more of the past three years. You must be able to project sufficient cash flow to meet current and future loan payments for a two-year period following loan approval. Your business must be not more than 60 days past due on any debt. An ARC loan is not intended for use to start a new business. They are offered for as long as funding supplies remain or until September 30, 2010, whichever comes first.

Money for your Business or Consulting Practice

Could your business or your consulting or coaching practice use a little financial relief?

If your qualifying small business is struggling to repay certain types of debts, it may qualify for a loan from the new ARC program, which is being administered by the US Small Business Administration.

ARC loans are monies made available to qualifying for-profit small businesses based in the US. The first loan payment would not come due for twelve months and your business could have as long as five years to repay the loan.

Your existing business may quality for help to pay debts such as:

Company credit card payments.
Notes to vendors or suppliers.
Capital leases.
Loans made by or with a Small Business Administration guaranty, (on or after February 17, 2009).
Development Company Loan Program first lien loans (504).

The Small Business Administration’s “America’s Recovery Capital Loan Program,” could provide you as much as $35,000 in short-term relief, designed to help get you through the current economic hard times.

Some of the qualifications for loan eligibility include:

Your company must be US based.
You must have financial statements (i.e., a balance sheet, income statement, and cash flow statement) and be able to demonstrate that you were profitable in one or more of the past three years.
You must be able to project sufficient cash flow to meet current and future loan payments for a two-year period following loan approval.
Your business or consulting practice must be not more than 60 days past due on any debt.

An ARC loan is not intended for use to start a new business. They are offered for as long as funding supplies remain or until September 30, 2010, whichever comes first. Remember, this is a low interest loan, not a hand out, you do have to repay the debt and if you default, the entire amount comes due. Also, the loan is coming directly from a US bank, and only about half the banks in the country are participating. You may have to deal with a bank with which your company has no history. (In some cases, this could turn out to be a plus rather than a negative.)

Applications for ARC loans will be accepted starting June 15.

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Harry Rogers May 26, 2009 at 3:28 pm: The article “Money Available … Small Businesses and Consulting Practices Can Claim a Part of the Stimulus Bill” is a very good reference for a just started, already existing business in need of capital for repaying certain types of debts. A very good source for Small Business stimulus funds until September 30, 2010 which (in my case) would satisfy #2 of the qualifications for loan eligibility and #3, be able to project sufficient cash flow to meet current and future loan payments for a two-year period following loan approval.