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TwitterRachel Witkowski writes in the Jacksonville Business Journal this week that not all banks are jumping on the ARC loan bandwagon. We are seeing a lot of activity and have been providing technical asssistance to applicants daily. Check the UNF Small Business Blog often for program updates.Most bankers have either turned down or tiptoed cautiously into a new small-business relief loan program despite heavy demand pouring in from struggling businesses. The U.S.
Archive for the ‘Small Business Loans’ Category
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SBA 504 Loan Now Allows Refinancing
June 25th, 2009 
admin Raymund Flandez of the Wall Street Journal continues to keep us informed on program changes in SBA financing. The SBA 504 program has recently been changed to allow for refinancing. SBA 504 is a popular fixed asset financing program that is guaranteed and requires a smaller cash injecture from the borrower than normal. Contact the UNF SBDC for program details.Here is a free self paced training program called Finance Primer:Guide to SBA Loan Guaranty ProgramsSBA Tweaks Rules of 504 ProgramIn its latest effort to help cash-strapped entrepreneurs, the Small Business Administration on Wednesday permanently changed a key loan program so that businesses can refinance if they plan to expand or buy equipment.
ARC Loans: Not Everyone Will Get One..
June 24th, 2009 admin Mark Deo writes in this Reuters piece (with a nod to Entrepreneur.com) about the hesitancy of banks to play in the SBA’s ARC loan arena. We have a number of ARC loans going in for approval and if our clients do indeed receive funding to pay down debt, it may well be the difference between sustainability and failure.Will Anyone Be Saved by the SBA’s New ARC?On June 15, banks began taking applications for the America’s Recovery Capital loan program.
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.
Small Business Administration ARC Loan Program Rules to be published June 8th
June 6th, 2009 admin On June 8, the SBA will publish regulations for its new ARC loan program. On June 15, 2009, SBA will formally open the new temporary loan program. ARC loans of up to $35,000 can be used to make payments of principal and interest, in full or in part, on one or more existing, qualifying small business loans for up to six months. According to the SBA, “These loans allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs.
Bagels and Bankers. Huge Small Business Turnout for Loans!
June 4th, 2009 admin What a success! 73 small businesses and seven banks talking about loans. Just when we need them most! Special thanks to Fred Crispin at Borrego Springs Bank for sponsoring this event at the Beaver Street Enterprise Center. SBA loans were the topic of the day and the UNF SBDC’s own Paul Arrington served as facilitator. The panel of bankers discussed what programs they were offering and what kind of eligibility criteria they needed from a small business applicant.
