Emergency small business loans coming in June

From Neal Gordon Rockaway, NJ

One big problem for borrowers is locating a loan from a lender who is not their bank. Many of the banks want to provide loans to current customers only, especially if they hold a loan from that customer. Also, many banks have additional requirements for the loans beyond what the SBA has required. But not one of the banks is happy about having to process and underwrite a loan package for a $35,000 loan that requires nearly as much information as a needed for a regular sized SBA 7(a) loan.

My company, Business Borrowers Alliance, is contacting the large and mid-sized banks to learn if they are participating and what their specific requirements are.

We provide direct assistance and help to businesses throughout the complete ARC Loan application process.
For more information, contact us at 866-944-3866, mail@businessborrowersalliance.org or visit http://www.businessborrowersalliance.org

From Pfeiffer, Tacoma WA

This has been a frustration that's for sure. Our bank has been dragging their feet on giving us answers, and now has decided that if we do qualify for the ARC loan- they will term out our current line of credit. No small business can survive without that! It seems to be a conflict of interests and the bank doesn't want to give up their cut. So now where does that leave us?

From Scott Dallas Glen Arm, MD

I have been calling the local SBA offices in Baltimore and the national SBA offices about the ARC loans for over a month now, including June 15, and no one has any real information about the specifics of the program, forms or a real lender list. I have been supplied contradictory information about what is covered by the ARC loans and how the funds are disbursed. I have received no response to my three separate formal requests for ARC loan information emailed to the sba through their own website.

From carlos albuqerque estes park colorado

Amen its about time!

From Bruce, Grnad Rapids, MI

The fact that Obama promised that this program would be in place by March 1st and it is still not even close by the end of May, shows just how naive he is as to how government really works.

From Bob Migs Boynton Bch Fl

For a small business like mine it is too little too late. We have already accessed all the credit available to us. Since we have been late with some payments our credit rating has dropped so now even if a loan were available the cost would be prohibitive. The government always has answeres long after the horse has left the barn. Worse part is we will ALL be paying for it in higher taxes to come. Take a look at ethanol what a collosal failure that has been.,

From Ted Aberle, Lakewood, New Jersey

I think that alot of the banks are going to be smart and offer these loans even though they are risking having things go wrong without the ability to even make a good profit–

because it will get them the bank-next-door's customers to come in for the ARC interest free Loan– and then they will try to get them to move their business accounts over.

Ted Aberle
SBA ARC Report Author
http://www.business-credit-secrets.com/arc.html

From Frank Sparagna

35k for small buss? we are the backbone of this country! We are need of help and happy to have something but I think it is super low and more should be done for us and less should have been done for The banks and AIG etc.

From David Kamatoy, San Diego, Ca

Brilliant Move but is it enough?

I saw a bit of this press conference and I think this makes sense. This allows the right small business to make a move. I do suggest however still negotiating as much as possible. The real challenge is where is the next layer of funding coming from if a project needs more. http://www.Davidkamatoy.com

From gladys

This could help as many as 10K viable, small businesses! huh…there's a drop in a bucket 'er ocean. What about us dummies who paid off all our debt when we saw this storm coming? Screwed again. How 'bout lending it to viable, debt-free, small businesses, so they could grow, vs, tread-water, while waiting-out this storm? Want to create jobs, or not?

From Jay Cullimore, Ft Lauderdale, Florida

I have been watching intently the SBA ARC loan proposal since first announced in Mid Feb. I even sent the initial PR to my bank hoping they would have further information, which they had not heard of it. Ia have also met with the SBA South Florida District Office in hopes of some better insight, no luck. My concern is that if your bank is not up on these programs your chances of securing this loan may be limited, even if your qualify. I will bet there many more small businesses that will want to take advantage of this opportunity than there are funds to support it. The other concern is how many banks are willing to participate since it is required the bank you have a credit line with is the ONLY bank you will qualify for funding. If your Bank is not participating in SBA programs what can you do then???