$255 million available in short-term, interest-free cash
Last month, the U.S. Small Business Administration launched a program offering cash-strapped small businesses short-term, interest-free loans of up to $35,000. So far, few lenders are participating in the program and only a handful of borrowers have sought the help.
The America's Recovery Capital Loan program was funded to the tune of $255 million by the American Recovery and Reinvestment Act, the stimulus package enacted in February. Through Thursday, 919 loans totaling $29.9 million had been processed nationwide under the program, according to William McMullen, regional communications director for the SBA region that encompasses Maryland, Virginia, Washington, West Virginia, Pennsylvania and Delaware. That's an average of $32,535 per loan. It also means that at least 6,400 loans are still available.
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3 comments:
Its like sticking a cork in a sinking ship.
After seeing what happened to Ford, Chrysler, and the other businesses that borrowed money, why would a small business risk the same fate?
Its going to be one Hell of a test, how would this affect weaker men. I quess Im getting ready to see if Im as strong as I think I am. I think Ill pass the test, wont like it but Ill pass it just the same. Its not about ME to ME, know what I mean?
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