SBA gears up lending program to help small firms weather recession
Small Business Administration officials in Nevada were making calls last week to drum up interest among the state’s bankers in an interest-free loan program to help struggling small businesses.
With just a few days to go before the loan program becomes available, Nevada State Bank appeared to be the only institution in the state that was leaning strongly toward offering the so-called ARC loans. (The name stands for “America’s Recovery Capital.”)
Lenders who participate in the program can make loans of up to $35,000 to provide breathing room to small businesses during the downturn. The SBA pays interest on the loans to banks, but small businesses don’t pay interest on their borrowing.
Although the loans are 100 percent guaranteed by the SBA, some bankers apparently worry that the program might require a lot of work for a relatively small return. Read full story:
Technorati Tags: Northern Nevada Business Weekly, John Seelmeyer, Small Business Administration, Nevada State Bank, ARC loans, Robert Hart, David Leonard, NCET, Nevada’s Center for Entrepreneurship and Technology
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