SBA ARC Loan lenders

Unfortunately, the list of lenders participating in the SBA ARC loan slim. My best recommendation at this point for any business looking for financing is to contact Coastal Enterprises (www.ceimaine.org) to explore the various options.

Important News for Small Business

Finally, some "bail-out" for small business.

The Small Business Administration has launched a new, interest-free loan program, as part of the Recovery Act. The America's Recovery Capital, ARC, loans will be available June 15. This program is incredible and every small business should utilize it. I think this is so important that I've committed to telling everyone, instead of my usual elevator speech about my business.

If your business has:

1. ANY debt
2. Been in business for at least two years
3. Has shown a profit for at least one year in the past three years

You can get up to $35,000 that can be used to pay off lines of credit, credit cards, notes payable to others, mortgages, capital leases.

This program will help your cash flow by:

1. Upfront money to pay down debt
2. NO Interest
3. No payments for 12 months
4. A repayment schedule of 5 years

This program is so new that most banks aren't aware of it yet. Banks should be receiving information by June 8. To see if your bank is an approved SBA lender, go to www.sba.gov and click on Local Resources. Choose your area and that page should have a lender's list. If your bank is on the list call your banker NOW.

I can help any business in Southern Maine pull together the documents needed to accompany the applications. (There's my plug for me!!)

Introduction to The Back Office Expert.

So who is Stacy Ayotte, The Back Office Expert, and why should anyone care?

I am a seasoned Finance professional who has worked for over 20 years as Chief Financial Officer and Accounting Manager for medium and large companies. I opened my own accounting practice in order to help small business manage their financial data. Now I've decided to really spread the wealth and offer free advice to anyone who wants to listen.

In future posts, I will discuss:

Ways to manage your financial and accounting data

Why you should manage your financial data

How your small (or not so small) business can view your data to get insightful, important information on how your company operates and profits (or not)

What you need to consider when thinking about starting a small business

What you need to consider when hiring employees

and even more......