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    3 Replies Latest reply on Jul 23, 2009 6:46 PM by JacLWin

    SBA Guaranteed Loans and Recovery Act Funds

    eneyer Newbie
      Hi,

      I contribute to a small business blog, and we've been writing about the ARC loans, other SBA programs that are part of the federal stimulus package, and the current state of small business lending in general. Just looking for feedback and comments from anyone who may have actually applied for or contacted banks about these new programs (e.g., ARC loans, 90% guaranteed SBA loans, etc.).

      If you have some personal experience, or if you just want to offer an opinion, the blog is at http://hispanicsmallbusiness.wordpress.com/. Thanks for checking it out.

      Eric
        • Re: SBA Guaranteed Loans and Recovery Act Funds
          heymare66 Newbie
          The loans are almost impossible to get. I have been getting assistance through an SBA funded program for startups (SCORE), and I was told that 100% of the funding are for people who have ALL of the following requirements:

          1. an almost perfect FICO score (over 750--perfect is 800)
          2. applicant MUST own his or her own home or some other property they can use for collateral (a car is not considered collateral as it depreciates in value over time)
          3. applicant MUST be employed full-time.
          4. applicant has never applied for a startup loan through SBA prior to seeking one currently.
          5. applicant MUST have a complete business plan (with 3-year) projections that MUST be approved by the SBA BEFORE applying for any loan through the SBA.

          I hope this helps you, Eric...good luck.
            • Re: SBA Guaranteed Loans and Recovery Act Funds
              JacLWin Newbie
              So where are the lenders? I've called around starting with our primary bank and it seems the banks are either ignorant about this SBA Loan program or their waiting it out to see how the banks can make money (of course) off program before they start. Very frustrating...the money is available the banks just aren't lending (don't get me started about their greedy behaviors).
            • Re: SBA Guaranteed Loans and Recovery Act Funds
              Grandovergram Newbie
              you can also do grants and that's just a one page app, no financials or anything needed... check it out at businessformationgroup.com/grants best part is its completely free