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SBA loan programs are designed by the Small Business Administration (SBA) to lend to small businesses unable to secure financing on reasonable terms through normal lending channels. The SBA loan programs are operated through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA -- the Agency has no funds for direct lending or grants.Tags: Finance minority business Loans Scholarship Start up business Student Loans Home Loans Mortgage Loans Business grants College Grants Insurnace

Wednesday, 25 July 2012

How to Apply For Small Business Debt Relief

How to Apply For Small Business Debt Relief

During the course of the last year there has been much talk about government money being used to bail out big business but, what about small business, is anything being done to help them in these trying economic times? The answer is yes.
As a part of the stimulus plan approved by congress, and signed in to law by president Obama, many small businesses now qualify for debt relief through the Small Business Administration. The SBA is making it possible for qualifying small business to get what is called an ARC- America's Recovery Capitol- loan.
What is an ARC loan? It's a loan-made through a participating bank that the SBA will guarantees. If for any reason you are not able to satisfy the terms of the loan SBA will pay off the balance. What qualifications does an ARC loan require? A business has to have been in operation for at least two years and be able to prove that they are in financial hard ship.
Can I use this money to pay off a previous SBA loan? Only if it was obtained after Feb. 17 of 2009. Any SBA loan made to your business before then does not qualify for this program. In addition you have six months to use the loan, and up to a year before you have to begin repayment. After that you have up to five years to repay the loan with the SBA taking care of the interest.
Applying for an ARC loan is done by consulting with participating banks. A good place to start would be the bank you do business with. They will be able to tell you whether or not they are a participating bank, and will advise you on how to navigate the process. Be aware that some states have significantly fewer participating banks than others So Is there debt relief for small business? Yes. Is it easy to apply for small business debt relief? No
You'll need to do your home work, get sound advice, and do what you feel is in the best interest of your business, as well as, for yourself.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt.


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3 comments:

  1. This comment has been removed by the author.

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  2. There is very useful information about debt relief www.settlementdebt.org

    ReplyDelete
  3. Thanks for sharing this blog, It is nice blog about Business Debt and i appreciate good job. Some time we need some guide line then this type of blog guide the new businessmen thank you.
    Business Debt

    ReplyDelete

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