The Small Business Administration announced during the National Small Business Week that it would be offering interest-free loans to small businesses in need. As part of the nation’s Recovery Act, America’s Recovery Capital (ARC) loans will be issued beginning June 15th. The loans will only be available to established, viable, for-profit small businesses. In this video, Reporter Abby Johnson explains the details of the loans and also tells how you can access them. Check it all out right here on your source for small business information, SmallBusinessNewz.com.
SBA to Offer Interest-Free Loans
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Nice move on SBA’s part- Too bad many banks will not carry this loan product. BofA for example, told me they will never carry the ARC loan product (interest free loan). In addition, all BofA SBA loan offerings are ‘capped’ at a 50k max, and they no longer offer any business loans through their banking centers. You have to call a “loan center” to get a loan, and it sort of feels like talking to a used car dealer.. One reason cited to me from a BofA loan agent is they feel it’s too difficult to go after defaulted SBA loans due to ‘red tape’ introducted by SBA. Bottom line- SBA & Gov need to get banks on board to make SBA-backed loans available to business owners.