The first ARC loans in Hawaii were approved in September. Prospective borrowers will find more information on eligibility and how to apply for the loan at www.sba.gov/recovery. A list of financial institutions participating in the ARC loan program is also
Hawaii Lenders Show Support for Small Businesses Recovery with SBA’s ARC Loans
Local small businesses struggling with financial hardships due to economy may get a reprieve as the new American Recovery Capital (ARC) Loan gains some traction in Hawaii. The loans are a finance tool designed by the U.S. Small Business Administration (SBA) to provide temporary relief to small businesses.
Deffered-payment loans of up to $35,000 are available to established, viable, for-profit small businesses in need of short-term help to make principal and interest payments on existing qualifying debt over a six-month period. The ARC loans are interest-free to the borrow, have no SBA fees and are guaranteed by the SBA.
The first ARC loans in Hawaii were approved in September. Prospective borrowers will find more information on eligibility and how to apply for the loan at www.sba.gov/recovery. A list of financial institutions participating in the ARC loan program is also available on the Web site.
