516Ads.com - New SBA ARC Program Helps Struggling Businesses. (sent in by JP Morgan Chase Business Banker - Jacques Jourdan 516-355-2671)
The SBA recently announce a new program designed to help struggling business. Below are the details.
Overview
Chase Business Banking is now accepting applications for the SBA ARC Loan Program. The program is designed to help struggling small businesses weather the current difficult economic environment.
Under the program, Chase Business Banking can lend up to $35,000 to a small business. The ARC loan will be used to make up to six months of payments on existing business debt. After six months, the customer resumes making monthly payments on the debt.
The customer is not required to make a payment on the ARC loan for the first 18 months, after which the loan will be repaid over five years. The loan is interest-free during the entire period.
Program Highlights
$35,000 maximum loan amount; $5,000 minimum .
An applicant's business must be two years or older with existing debt; start-ups are not eligible.
Applicants must have shown a profit in one of the past two years to qualify.
Applicants must provide three years of business tax returns along with two years of quarterly cash flow projections .
The program is for any business loans and credit cards.
Take it from from business owner Ricardo G of Mighty Pavers in NY, "this program helped save my business".
For more information please call me at 516-355-2671.
Jacques Jourdan
Business Banker
JPMorgan Chase
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