American Recovery and Reinvestment Act of 2009

We work with the Small Business Association to assist you in business financing

Free Application on Government Grant and Business Loans

Free Eligibility Test   Assistance on Business Plan and other Business Training

Details:

The American Recovery and Reinvestment Act of 2009 (Recovery Act) was signed into law by President Obama on February 17, 2009.  The Recovery Act will have a significant impact on small businesses and on the credit crunch, providing tax incentives and financing opportunities that will help them create jobs.

The bill provides $730 million to the Small Business Administration (SBA) and makes changes to the agency lending and investment programs so that they can reach more small businesses that need help.

Benefits:

SMB loans are business loan programs to help qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels.  Their interest rates are generally lower than commercial loan.  With the enactment of the Recovery Act, loan processing fee are usually waived or very minimal.

Loans available for small to medium size businesses (SMB):

1. 7(a) Loan Guaranty (up to $2M) - Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions).
2. Certified Development Company (CDC), a 504 Loan Program (up to $5M) - Provides long-term, fixed-rate financing to small businesses to acquire real estate or machinery or equipment for expansion or modernization.
3. Microloan, a 7(m) Loan Program - Provides short-term loans of up to $35K to small businesses and not-for-profit child-care centers for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment. Proceeds cannot be used to pay existing debts or to purchase real estate.
4. Special Purpose Loans from $25K to $50K:

a)      Export Working Capital

b)      Export Express

c)      International Trade Loans

d)     CAIP Program

e)      Employee Trusts

f)       Pollution Control

g)      CAPlines

5. One time ARC Loans (up to $36K) - To repay existing debts.