The Obama administration is moving ahead with it's ARC {American Recovery Act} program for existing small business owners. This is great news for small business owners all over the US.
Here are the details;
Borrowers can apply for interest-free loans of up to $35,000 to help cover their payments for six months on existing debt, with no repayment due on the ARC loan for 12 months. The loans will come from banks and other authorized lenders, but the SBA will offer those lenders a 100% guarantee on the loans - meaning that if the business owner defaults, the government foots the bill.
That sound like a plan.
One little problem. Why would a bank do a loan like this for FREE? Look at this comment thread from an SBA loan chat area, from Coleman Publishing.
Do you need a loan like this to help your Veteran-Owned business?
Are you a military veteran who is thinking of starting a business? Maybe even a proven model like a franchise?
Get free help to do just that, from a franchise industry veteran. Look
