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The new program, part of the Americam Recovery and Reinvestment Actof 2009, authorizes the creationj of a temporary emergency loan programj called American Recovery or ARC loans. Workshops will be held throughout Arizona, includinvg Phoenix, on June 3, June 24 and July 1; Mesa on June 11; and Goodyeard on June 18. The seminar s will outline resources available tosmall businesses. Ther e are distinctive criteria forARC loans, including: The busines s must be a viable smal l business, show financial hardship that requires temporary financialp relief, and demonstrate how it will remain open and healthyy after the loan disburses.
The maximum loan amount is $35,000, with one loan per No payments are required in the first 12 Loans are 100 percent guaranteed bythe SBA, are interestf free and have no fees. Applicants must meet the SBA’ds borrower eligibility as to type of business and have a net worth of equal to or lessthan $8.5 with average two-year profitsx of less than $3 million. While the workshops are registrationis required. Smalk businesses are encouraged to reach out to theier lenders or the SBA to find out wherr to apply for ARC which is not yet The program is expected to launcJune 15.
To register: 602-745-7200 or and select then “Public Meeting: General
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