Small Businesses Can Now Apply for ARC Loans
On June 15, the U.S. Small Business Administration (SBA) began accepting loans for a temporary new program called America's Recovery Capital (ARC). ARC loans of up to $35,000 are designed to give viable small businesses suffering immediate financial hardship some temporary financial relief so they can keep their doors open and get their cash flow back on track. The loans will be available through SBA-approved lenders as long as funding is available or through September 30, 2010, whichever comes first.
"These ARC loans are another tool in the SBA toolkit which will provide critical support to small businesses struggling to make it through these tough economic times," said Administrator Karen G. Mills in a statement.
"We are urging any ABA member with an interest in pursuing an ARC loan to put the wheels in motion now," said ABA CEO Oren Teicher, "as there is a limit to how many ARC loans the government will provide."
Teicher also recommended that bookstores with questions regarding the loan process contact a local SCORE counselor. SCORE, an SBA resource partner, offers counseling to small business owners and is free to join. At SCORE's homepage, a bookseller can simply type in "SBA loan," choose their state from a drop-down menu, and they will be provided with a list of SCORE mentors who will help guide them through the loan process.
Information on the ARC loan program is available at www.sba.gov/recovery/arcloanprogram/index.html.
Booksellers who would like to share their experiences with the ARC loan program with ABA should contact David Grogan, the association's public policy liaison.
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