BBA to offer help with the $35000 ARC Loan Program

Business Borrowers Alliance to provide expert help and advice to borrowers seeking assistance in applying for the $35000 SBA ARC Loan Program

Lenders can begin accepting applications for the new loan program guaranteed by the SBA. The America’s Recovery Capital (ARC) Loan is a 100% guaranteed loan expressly for existing businesses experiencing financial hardships. The loan is interest free to the borrower and repayment begins 12 months after the last disbursement is made so most loans will have repayments starting 18 months from loan closing.

Business Borrowers Alliance is providing expert guidance and aid for borrowers in need of help in preparing and submitting a loan application. Our staff has studied the application and the Procedural Guide, as well as having attended Lender Training from the SBA. With background in lending and underwriting, we are able to provide answers to individual borrower’s questions about eligibility and qualification.

Because of the unique nature of this loan program, it will be critical that applications and support information are completed properly. Banks are prohibited from charging fees to borrowers for processing and they may not be able to spend the time to help borrowers throughout the process.
Our services will include the following:

• Initial consultation to determine that borrowers will meet the basic eligibility requirements
• (For those who meet the standards) A checklist of required documentation including the generic information needed for every application and specific support information based on the borrower’s individual situation
• Direct assistance with the completion of the applications
• Direct Assistance with the completion of the financial projections required for every application, as well as the narrative to be included in your loan package
• Interaction with the lender to ensure that your application will meet any specific requirements that they will have

For further information, contact Business Borrowers Alliance 1-866-944-3866 or visit our website
http://businessborrowersalliance.org/sba_35000_arc_loan.html

UNF Small Business Blog: ARC Loans: Not Everyone Will Get One..

UNF Small Business Blog: ARC Loans: Not Everyone Will Get One..

UNF Small Business Blog: The SBA plans to release a partial lender list of ARC loan participants by Monday

UNF Small Business Blog: The SBA plans to release a partial lender list of ARC loan participants by Monday

SBA’s loan program gets tepid reception from bankers

By Martin C. Daks - NJBIZ

A new Small Business Administration loan program is off to a rocky start, said James Kocsi, the New Jersey district director for the federal agency.

“So far, New Jersey’s largest SBA lender, TD Bank, declined to participate in the America’s Recovery Capital, or ARC, loan program,” Kocsi said. “And six other banks told us they’ll participate, but would only offer the program to existing borrowers.”

TD Bank did not return a phone call to its Cherry Hill office seeking comment.

ARC, introduced June 15, offers interest-free loans of up to $35,000 to small businesses that need short-term help to make principal and interest payments on existing business debt. ARC loans are fully guaranteed by SBA, and have no SBA fees associated with them, according to Kocsi, who said SBA will pay the interest on ARC loans to lenders at the variable rate of prime plus 2 percent.

He said some banks have cited the relatively low amount of ARC coverage as an impediment to participating in the program.

“They may be concerned about the level of administrative work involved in handling a relatively small, $35,000 loan,” Kocsi said. “But this is a great way for banks to take care of their small-business customers, who will remember the help they got as they grow larger.”

In an information session earlier in the month, Kocsi introduced the details of the program to a room full of business owners who wanted information about ARC.

For more information - http://businessborrowersalliance.org/35000ARCLoanNews.html

SBA Offers Aid to Cash-Strapped - WSJ.com

By RAYMUND FLANDEZ

The emergency loan program launched in the past week by the Small Business Administration is designed to give established businesses some breathing room to pay principal and interest payments on existing debt.

Borrowers, however, may find it difficult to find a bank that is providing the "America's Recovery Capital" interest-free loans.

Some big lenders including Bank of America Corp., KeyCorp's Key Bank unit and Toronto-Dominion Bank, or TD Bank Financial Group, are still on the fence about participating, citing concerns about heavy paperwork and strict rules on applicant eligibility.

"The general consensus is that the lenders aren't too excited about it," says Bob Coleman, publisher of "The Coleman Report," a La Canada, Calif.-based trade publication for SBA lenders. "It's a tremendous amount of paperwork."

Read the article http://online.wsj.com/article_email/SB124545580927232969-lMyQjAxMDI5NDI1MDQyNTA1Wj.html

UNF Small Business Blog: SBA Small Business Loans :ARC Loan Update

UNF Small Business Blog: SBA Small Business Loans :ARC Loan Update