SBA Launches New 100-Percent Guarantee ARC Loan Program to Help Struggling Businesses
If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration has a new loan program designed just for you.
SBA’s America’s Recovery Capital Loan Program can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability. Each small business is limited to one ARC loan.
ARC loans will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first.
About the ARC Loan Program
FAQs for Lenders and Borrowers
Pinellas County's ARC Lenders
If you would like to speak directly to a customer service representative about the ARC Loan Program, please call SBA's toll-free number (866-947-8081) Monday through Friday during the hours of 8am to 9pm (Eastern Time).
(by Margaret Cashill, Tampa Bay Business Journal)
Small business borrowers, banking representatives, economic 
development officials and representatives from the U.S. Small Business Administration gathered Wednesday afternoon to discuss SBA lending made possible by the stimulus bill. Cynthia Johnson, senior manager of business assistance for Pinellas County Economic Development, hosted the event, which took place in the lobby of the Pinellas County Economic Development offices at 13805 58th St. N. in Clearwater.
A goal of the event was to recognize success stories among small businesses that obtained SBA loans, said Robert Chavarria, SBA senior area manager, in an introduction. The stimulus bill provides about $730 million to the SBA, including $375 million to reduce or eliminate fees associated with lending and to increase the SBA’s guarantee from 75 percent up to 90 percent on certain loans. The provisions help small businesses access capital, said Gil Colon, deputy district director for the SBA South Florida District.
Two small business owners who had received SBA loans shared their stories.
Rachel Bryan, a founder of
Ageless Construction Inc., a diversified general contracting company based in St. Petersburg, described the challenge of borrowing in an uncooperative economy and grappling with a “grow or die” situation. A sound business plan is crucial to moving ahead in any economy, Bryan said.
Gary King, president of executive search firm
Management Recruiters of Tampa North, explained how an SBA loan helped him eliminate high-interest and credit card debt after the 20-year-old business was hit by the downturn. His company’s revenue increased 110 percent in the four months after receiving an SBA loan from the four months prior to the loan, he said.
Also in attendance was Lynn Johler, a senior vice president with Synovus Bank, who served as the lender to both businesses. Johler said that raising the guarantee on SBA loans from 75 to 90 percent has made a big difference during "a bumpy time in banking."
