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It is great to see the SBA stepping up to fill these funding gaps. Not only has SBA backed lending increased - but there are many new players in the market. According to Karen Mills (new SBA head) - there are more banks offering SBA loan products then before the recession - many financial insititutions that have not offer these programs in the past.
This is mostly in part to the recovery act reducing fees to both borrower and lender as well as the SBA's purchase of many of these products.
Small businesses are the backbone of this country and it is only these businesses that will lead us out of this financial mess - let's help them anyway we can.
Business Money Today
This ARC loan is a great deal, except try finding a lender who will offer this new program.
I called Bank of America yesterday and they said they will NOT be offering the SBA ARC product becuase it would impact the profit from their regular credit lines and normal SBA loans.
I spoke my Rep. with US bank and they will be offering it they expect to have guidelines on the 7th of June. Stay tuned
Thats great news, please, keep us posted.
Btw...what happened to my previous post....is was here, and now it has disapeared?