A new program through the Small Business Administration is helping small business owners get through these tough times. As the New York Times reported, the American Recovery Capital program is offering no-interest, deferred-payment bridge loans in the wake of the stimulus package enacted in February. The program is offering up to $35,000 in short-term relief for viable companies facing immediate financial hardship. Though the money is limited. Some SBA lenders will be offering the loan program until September 30, 2010, or until the allotted funds run out, whichever is sooner. Though as the NYT notes, it is unlikely that the money will be available for that long:
Mr. Wilkinson and other observers believe that the money will run out by the end of this summer. “I think there is a vastly larger pool of eligible borrowers out there than we’re going to be able to serve,” he says. “We’ve publicized the A.R.C. program, and there’s going to be a disappointment for the unmet need. There’s just going to be a whole universe of folks that are not going to be happy with this.”
You can find more information on the America's Recovery Captial Loan Program on the SBA's Web site or with your local SBA lender.