The U.S. Small Business Administration has begun accepting applications for loans of up to $35,000 to provide a “bridge” for small businesses with immediate financial hardship to stay open until they get back on track. The loans are available through a temporary new program called America’s Recovery Capital or ARC.
ARC loans are deferred-payment loans of up to $35,000 that are available to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing and qualifying business debt.
They are 100 percent guaranteed by the SBA and have no SBA fees associated with them.
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