(PRESS RELEASE – June 28, 2009) — Lenders have begin accepting applications for the new loan program guaranteed by the SBA. The America’s Recovery Capital (ARC) Loan is a 100% guaranteed loan expressly for existing businesses experiencing financial hardships. The loan is interest free to the borrower and repayment begins 12 months after the last disbursement is made so most loans will have repayments starting 18 months from loan closing.
Business Borrowers Alliance is providing expert guidance and direct assistance to borrowers in need of help in preparing and submitting a loan application. Their staff has studied the application and the Procedural Guide, as well as having attended Lender Training from the SBA. With background in lending and underwriting, they are able to provide answers to individual borrower’s questions about eligibility and qualification.
Because of the unique nature of this loan program, it will be critical that applications and support information are completed properly. Banks are prohibited from charging fees to borrowers for processing and they may not be able to spend the time to help borrowers throughout the process.
The specific services from Business Borrowers Alliance will include the following:
Initial consultation to determine that borrowers will meet the basic eligibility requirements
(For those who meet the standards) A checklist of required documentation including the generic information needed for every application and specific support information based on the borrower’s individual situation
Direct assistance with the completion of the applications
Direct Assistance with the completion of the financial projections required for every application, as well as the narrative to be included in your loan package
Interaction with the lender to ensure that client\’s applications will meet any specific requirements that they will have
For further information, contact Business Borrowers Alliance 1-866-944-3866 or visit their website