Sba Rolls Out American Recovery Capital Loan Program

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PHOENIX — The Arizona District Office of the Small Business Administration will host a number of workshops to discuss the new loan program for small businesses called “ARC Loans” or American Recovery Capital Loans.  Small-business owners interested in the program are encouraged to attend.

In addition, SBA will provide an update of the opportunities available to small businesses contained in the American Recovery and Reinvestment Act of 2009 — the recently enacted federal stimulus legislation. 

“These workshops are the next in a series of programs conducted by the SBA across the state and they are designed to provide Arizona small-business owners with information on this new loan program,” stated SBA District Director Robert Blaney. 

“Our goal is to update Arizona small businesses about opportunities that exist as a result of the Recovery Act legislation, including the new ARC Loan Program.” 

The American Recovery and Reinvestment Act provided $730 million to SBA and created a comprehensive package of tax breaks, financial assistance and market enhancements designed to help foster entrepreneurship and job creation. Programs to be discussed at the workshop include:

• $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans.

• $255 million for a new temporary emergency loan program to help small businesses meet existing debt payments.

• $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders.

• $15 million for expanding SBA’s Surety Bond Guarantee program.

• Small business tax breaks includes accelerated depreciation, extended expensing of capital goods purchases, and credits for hiring disadvantaged people.

• Small business contracting opportunities including those “shovel ready” in Arizona.

Workshop topics will include: 

• Recovery Act Update

• American Recovery Capital Loan Program

• How to prepare an SBA loan application

• Lender credit requirements for loan approval

• What lenders are offering this loan

• Learn loan terms, amounts, use of proceeds and collateral requirements

• How to approach a lender to improve your chances of approval

• Know what a lender is looking for in a borrower

• SBA’s other loan products and services will be highlighted

The workshop will be held at:

Phoenix – June 3, 9 a.m. to 11 a.m., SBA Training Center, 2828 North Central Avenue, Suite 800, North Central at Thomas Road;

Mesa — June 11, 6:30 p.m. to 8:30 p.m., City of Mesa Council Chambers, 57 East 1st Street, Mesa;

Prescott — June 17, 6:30 p.m. to 8:30 p.m., Yavapai Community College, 1100 E. Sheldon St., Library (Bldg #19) — Community Room;

Tucson — To be announced;

Goodyear — June 18, 6 p.m. to 8 p.m., Goodyear Council Chambers, 185 N. 145th Ave. and Van Buren — Courtroom #1;

Phoenix — June 24, 6:30 p.m. to 8:30 p.m., Phoenix Community College, Osborn Campus — Dome Conference Center; N.E. corner of 11th Ave. and West Flower Street.; and

Phoenix – July 1, 9 a.m. to 11 a.m., SBA Training Center, 2828 North Central Avenue, Suite 800, North Central at Thomas Road.

Admission for all events is free, seating is very limited and pre-registration is required.  To register online, go to www.sba.gov/az, select the “On-line Registration” link, select “Seminars” from the dropdown menu. Select “Public Meeting: General Information” and register for the event.

Those interested may also register by calling (602) 745-7200 or by e-mailing Arizona

@sba.gov.

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