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| Carson Announces New Small Business Lending Program |
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June 15, 2009
Washington, D.C. – Many local small businesses may soon be eligible for interest-free loans under a new program created by the American Recovery and Reinvestment Act, Congressman André Carson announced today.
The newly launched
“Small businesses are our nation’s most reliable job creators, generating seven out of ten new jobs,” Congressman Carson said. “Unfortunately, amid our ongoing economic downturn, many
“The ARC program gives entrepreneurs the financing that they need to pay their bills, retain employees and continue creating the jobs that are so important to our nation’s economic recovery.”
To qualify for the ARC loans, small businesses must demonstrate that they are experiencing immediate financial hardship due to the economic downturn, but are otherwise deemed to be viable by the Small Business Administration (SBA). The loans will be made by commercial lenders and can be used for payments of principal and interest for existing, qualifying small business debts like credit card obligations, mortgages, lines of credit, and balances due to suppliers, vendors, and utilities.
To apply for ARC loans, businesses should visit their local SBA-approved small business lenders. The loans will be available through Sept. 30, 2010, or until appropriated funding runs out. Additional information about the ARC loan program is available at www.sba.gov/recovery/arcloanprogram.
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