Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
SBA to launch no-fee guaranteed loan program
WASHINGTON (5/19/09)—Credit unions are among the lenders that may participate in a new U.S. Small Business Administration (SBA) guaranteed loan program, one that features interest-free loans and deferred payments of up to $35,000. The SBA announced Monday that its new program, America’s Recovery Capital(ARC), will begin June 15. It was created under the 2008 Housing and Economic Recovery Act. ARC will provide no-interest, deferred payment loans to help small businesses that have a history of good performance, but which are struggling to keep up with payments because of the tough economy. The ARC loans will be disbursed over a six-month period. The funds may be used for payments of principal and interest for existing, qualifying small business debt including mortgages, term and revolving lines of credit, capital leases, credit card obligations and notes payable to vendors, suppliers and utilities. Repayment is not required until 12 months after the loan’s final disbursement. After the 12-month deferral period, borrowers will pay back the loan principal over a period of five years. ARC loans will be made by commercial lenders, not the SBA directly. The loans are 100% guaranteed by the SBA, and have no SBA fees associated with them.


RSS





print
News Now LiveWire
.@fileneresearch IDs 5 challenges for #women in #creditunion leadership http://t.co/GAYbw2dcCl
45 minutes ago
It's Monday, time for another data breach release: @Uber's driver database via @pymnts #Stopthedatabreaches http://t.co/UoMcy4j5n4
1 hour ago
.@Nussle, Cummins share #creditunion difference with Minn. biz journal http://t.co/7EZ4FdgfD9
2 hours ago
.@cuna #GAC2015 countdown: @USTreasury 's Gerety, @CFPB 's Martinez join power-packed lineup http://t.co/nHNJ81tGbi
3 hours ago
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
23 hours ago