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TwitterThanks to Coleman Publishing for featuring our blog on their nationally known website! ARC LENDERSWachoviaWells Fargo & Co.J.P. Morgan Chase & Co.PNC Financial Services Group Inc.Regions BankSuntrustBB&T Courtesy: University of North Florida SBDCKnown Participating Banks in the SBA ARC Loan ProgramUniversity of North Florida (SBDC) released a list of 8 lenders making SBA ARC loans. Some big lenders including Bank of America Corp., KeyCorp’s Key Bank unit and Toronto-Dominion Bank, or TD Bank Financial Group, are still on the fence about participating, citing concerns about heavy paperwork and strict rules on applicant eligibility.
Archive for the ‘SBA’ Category
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The SBA plans to release a partial lender list of ARC loan participants by Monday
June 20th, 2009 
admin Known participating banks in the SBA ARC loan program as of June 20th:WachoviaWells Fargo & Co.J.P. Morgan Chase & Co.PNC Financial Services Group Inc.Banco Popular North AmericaRegions BankSuntrustBB&THere is a Wall Street Journal article written by Raymund Flandez that adresses the current Arc lending situation.SBA Offers Aid to Cash-Strapped The Rub: Some Big Banks See the Reward as Too Small for the PaperworkThe emergency loan program launched in the past week by the Small Business Administration is designed to give established businesses some breathing room to pay principal and interest payments on existing debt.
SBA Small Business Loans :ARC Loan Update
June 18th, 2009 admin The SBA’s ARC Loan program started June 15th. As of today it is known that Wachovia Bank, Regions Bank, and BB&T are participating. It is thought that Suntrust and Banco Popular may also be a participating bank but this is not confirmed. Contact the bank directly to get a loan application. Contact your own bank and ask if they are participating.We believe that these banks are only doing ARC Loans for existing account holders.
SBA ARC Loans: Hints on Which Banks May Play
June 11th, 2009 admin Jeff Ostrowski , a writer for the Palm Beach Post has some new information on possible bank participation in the SBA ARC Loan program. Bailout plan offers small businesses up to $35,000After spending billions to bail out banks, taxpayers are poised to offer a much smaller amount for loans to struggling small businesses.Starting Monday, employers can apply for loans of up to $35,000 through the Small Business Administration’s America’s Recovery Capital program.
SBA ARC Loans:More Details
June 11th, 2009 admin Caleb Groos posted this concise update on SBA ARC Loans via his FindLaw blog:Despite the federal recovery efforts to increase lending to small businesses, the loans many small businesses have waited on are the Small Business Administration (SBA) emergency ARC loans designed to help struggling businesses temporarily bridge the financial gap. The SBA has released more details about which businesses will be eligible for the loans, set to become available next week.
CNN: Emergency Small Business Loans
June 8th, 2009 admin The CNN take on Arc Loans:Starting next week, struggling companies will be able to apply for up to $35,000 in debt-relief loans through a new stimulus program.By Emily Maltby, CNNNEW YORK (CNNMoney.com) — One week before its emergency loan program is slated to launch, the Small Business Administration issued guidelines for banks and borrowers on how the new loans will work. Called “America’s Recovery Capital,” ARC loans are designed to make up to $35,000 available to struggling small business owners to temporarily help them keep up with payments on existing loans, including credit card debt.
Beware of Imitators- The Official SBA ARC Loan Website
June 8th, 2009 admin There is a non government web site claiming on its Google advertisement to be “The Official SBA ARC Loan Website.” Wouldn’t you think the SBA’s website would be the official ARC Loan website? Well it IS. Be wary where you get your information.
ARC Loan Guidelines Released! Here is the Latest!
June 8th, 2009 admin We just picked this up on the Reuters Blog as posted by Jon Cook. No word on participating banks yet. Stay tuned…NEW ARC LOAN GUIDELINES ANNOUNCED TODAY Today the U.S. Small Business Administration announced new lender guidelines for the America’s Recovery Capital (ARC) loan program it unveiled last month. According to the SBA release, the ARC program provides emergency funds, in the forms of deferred loans, of up to $35,000 to “viable small businesses suffering immediate financial hardship.” These loans are not provided directly by the SBA, but through SBA-backed lenders – mostly smaller or community banks – and are 100 percent guaranteed by the government and have no lender fees attached.
