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ARC Loan Update 06/15 - Go Get Yours!

SBA today released their guidelines for the long awaited ARC Loan. 

At this point in time we know what the program is but we do not know which lenders are going to be offering the program, but we do not that there are CAPS on the amount of loans funded per week (50) and total loans per institution (1,000).  For the complete procedural guideline visit http://www.sba.gov/idc/groups/public/documents/sba_homepage/rec_arcloan_faqs.pdf

ARC Loans are deferred-payment loans of up to $35,000 and are available to viable, for-profit small businesses located in the United States that need short-term help to make their principal and interest payments on existing, qualifying loans. ARC Loans are interest-free to the borrower, 100% guaranteed by SBA to the lender, and have no fees associated with them.

ARC Loans are made by participating SBA 7(a) lenders. ARC Loan funds are to be used for payments of principal and interest for up to six months on existing, qualifying small business loans. The disbursement period (up to six months) is followed by a 12 month deferral period with no repayment of the ARC Loan principal. After the deferral period, the borrower pays back only the ARC Loan principal over a five year period. SBA pays the monthly interest to the SBA Lender making the loan.

The two key points are business viability and economic hardship.  SBA has now presented their guidelines which are repeated here:
(1) Viable Small Businesses. ARC Loans are available to viable small businesses that are experiencing immediate financial hardship. A viable small business is an established, for profit business. It must be a going concern that is actively engaged in business with the expectation of indefinite continuance but that is having difficulty making periodic payments of principal and interest on qualifying small business loans and/or meeting operating expenses of the business. The small business must be able to reasonably demonstrate its projected continued operation for a reasonable period beyond the six month period of payment assistance with an ARC Loan. Continued operation is demonstrated through quarterly cash flow projections for two years that demonstrate the small business has the capacity to meet the future debt service requirements of the QSBLs and the ARC Loans.

(2) Immediate Financial Hardship. An immediate financial hardship is a change in the financial condition of a small business such that the concern is having difficulty making periodic payments of principal and interest on qualifying small business loans or is having difficulty paying ordinary and necessary operating expenses of the business. A small business experiencing financial hardship may be have declining sales and/or revenues, increasing expenses, reduced working capital, cash shortages due to frozen inventory or receivables, accelerated debt, or reduced or frozen credit lines, difficulty making loan payments on existing debt, difficulty in paying employees, difficulty in purchasing inventory, materials, and/or supplies, and/or difficulty in paying rent and/ or other operating expenses.

For more assistance on SBA Loans visit our website

June 8th, 2009 in General Commercial Finance

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