New Loan Program Is A Breath Of Fresh Air and Eases Stress For Small Businesses In Portland

As competition and lack of access narrow the normal channels of funding, Portland’s 40,000-plus small businesses have a new lifeline. The American Recovery Capital Loan Program, or ARC Loan, announced by the Small Business Administration last year, is designed to help combat one of the top three reasons why businesses fail: inadequate or untimely access to capital. The loan allows businesses to refinance existing business debt of up to $35,000 into a no-fee, no-interest loan, and is available through all SBA-certified lenders. A dozen banks throughout the state have closed a total of 114 ARC loans for Oregon businesses, with 73 of those completed by Albina Community Bank, ranking Albina in the top ten nationally for ARC loans. For complete information on the ARC program, visit http://www.sba.gov/recovery/arcloanprogram/index.html. The website lists the participating banks in Oregon; interested businesses should contact the lenders directly to apply.  If you want to discuss this with an advisor please contact NW Exec and a representative will set an appointment.

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This entry was posted in American, American Recovery Capital Loan Program, business goals, business success, Oregon Businesses, Portland Business, Portland Development Commission, SBA, Small Business Administration and tagged , , , . Bookmark the permalink.

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