ARC Loan

[lucidvisions]

Thought this may be of interest to a lot of us and it seems to be a once in a lifetime opportunity to gain capital for your business and make it through this fickle economy.

Sponsored by Obama's stimulus package. The SBA will be annoucing the specifics on America’s Recovery Capital Loan on Monday to the banks. Not all banks who deal with SBA loans will be a part of it so do some research on banks that deal with the SBA and after Monday they should know if they are participating.

This is a one time loan of $35K that is being offered at 0% interest with payments to start after one year of receiving the loan. Below is the link for more info, but after going to seminar today about it I just wanted people to be aware that it's going to happen fast and the amount of loans given out is only 10,000. So if it interests you and you've been in business for at least two years its worth a look.

Seriously when was the last time anyone offered you $35K with no interest?

http://www.sba.gov/recovery/arcloanprogram/index.html

Hope it helps.

Josh

[SNYD]

Thanks for posting this, I'm sure the 10,000 will be given out very fast.
Peace
Nate

[lucidvisions]

Ya I'm guessing the same Nate, that's why I'm getting line ASAP. If anyones got a business plan put together I would say to go for it.

Josh

[Robert Mickelsen]

Read the fine print carefully. $35k is the *maximum* that you can receive. The qualifications are fairly stringent. You have to be able to demonstrate both financial viability and profitability in one of the past three years. And the loans come from commercial lenders (ie: your local bank) and are guaranteed by the SBA. A more typical loan might be to consolidate $12000 in credit card debt into a single interest-free payment provided you have kept up with payments so far and can show you are able to make the new payments in the future.

I am thinking of applying for one myself, but am realistic about the chances of acceptance. If you do qualify, go for it. Just make sure you understand the details.

- RAM

[Mac Maestro]

Ya, I stopped reading at The part where you had to show a profit in the last 3 years. My bus. taxes always end up showing a loss. Thanks for the heads up though, Josh. Repped.

[Kool]

Maestro, how long have you been doing that? I am under the impression that if you show a loss for more than 3 years in a row (used to be more than 2 years) the IRS will either audit you, stop allowing certain deductions, or take other action against you.

[Mac Maestro]

This was my third year. I was told three years is the limit on that too.

I may be positive this year, but it's not going to be much. I could be a shady business man and dump this company and start a new one, but I don't really do stuff like that. Hopefully this will be the year my innovations will take off and I can show some profit...