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Your Legal Corner - Client Alert Blog

New 5 Year Interest FREE SBA Guaranteed Small Business Loan up to $35,000

Written By: Melissa C. Marsh, Esq., California Attorney, June 2009 Add to Favorites
The American Recovery and Reinvestment Act has establish a new loan program made available under the U.S. Small Business Administration (SBA) called the SBA ARC Loan Program. Under the ARC Program, struggling for profit small businesses can get an INTEREST FREE loan up to $35,000 that is 100% guaranteed by the SBA to help them make their principal and interest payments on existing qualifying debt. The loans will be made available beginning June 15, 2009 and will be available only as long as funding is available, or until September 30, 2010, whichever comes first.

The ARC Loan can even be used to pay off a Home Equity Line of Credit (HELOC) if the loan, or credit card obligation, was for business purposes.

Eligibility Requirements.

  1. Established For-profit small business;
  2. Have financial statements demonstrating the business was profitable in at least one of the past three years;
  3. Have financial statements, or business plan, that can project sufficient cash flow to meet current and future loan payments over a two-year period from loan approval;
  4. Have qualifying loans such as credit card obligations for the business, capital leases, promissory notes payable to vendors/suppliers, or other small business loans that do not have a guarantee from the SBA; and
  5. Be able to show a present financial hardship such as: (a) declining sales and/or revenues; (b) difficulty making loan payments on current debt; (c) difficulty paying employees; (d) difficulty purchasing materials, supplies, or inventory; and/or (e) difficulty paying rent or other business operating expenses.
ARC Loans are provided by commercial lenders and guaranteed by the SBA.

How it Works.
If you qualify for the loan, payments will be deferred for a 12-month period, after which the borrower will be required to pay back the loan principal over a 5 year period. Thatís a 5 Year Interest Free Loan!

Contact your lender as soon as possible. These are 100% Interest Free Loans up to $35,000. They will only be available as long as money remains available, or until September 31, 2010 (whichever occurs first).

Tags: business loans, interest free business loans, sba loans
Posted In: Business Law Bulletin  Corporate Client Bulletin 

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Disclaimer: The information presented on this web site was prepared by Melissa C. Marsh for general informational purposes only and does not constitute legal advice. The information provided in my articles and alerts should not be relied upon, or used as a substitute for professional legal advice from an attorney you retain to advise or represent you. Your use of this Internet site does not create an attorney- client relationship. Transmission of this article is not intended to create, and receipt of it does not constitute, an attorney-client relationship. All uses of the contents of this site, other than personal uses, are prohibited. You may print or email a copy of any information posted on this web site for your own personal, non-commercial, use, but you may not publish any of the articles or posts on this web site without the Express Written Permission of Melissa C. Marsh.

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Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.