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Danville businesses might get SBA assistance

Original post made on Jul 3, 2009

A new program through the Small Business Administration may provide local business owners with the capital they need to get through the next several months. As of June 15, the SBA has been accepting applications for funds under Americans Recovery Capital (ARC), and the Town of Danville is holding information sessions for merchants.

Read the full story here Web Link posted Sunday, June 28, 2009, 7:56 PM

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Posted by Neal Gordon
a resident of Walnut Creek
on Jul 3, 2009 at 7:30 am

One big problem for borrowers is locating a SBA ARC Loan from a lender who is not their bank. Many of the banks want to provide loans to current customers only, especially if they hold a loan from that customer. Also, many banks have additional requirements for the loans beyond what the SBA has required. Finally, lenders have different policies as to whether they will make minimum payments on debt or will make larger payments toward the total debt. But not one of the banks is happy about having to process and underwrite a loan package for a $35,000 loan that requires nearly as much information, documentation and support as is needed for a regular sized SBA 7(a) loan.

My company, Business Borrowers Alliance, is contacting the large and mid-sized banks to learn if they are participating and what their specific requirements are. We provide direct assistance and help to businesses throughout the complete ARC Loan application process.

For more information, contact us at 866-944-3866, mail@businessborrowersalliance.org or visit www.businessborrowersalliance.org


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