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!!)