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SALT LAKE CITY -- These days the bailouts are all about big banks, big business, auto dealers, etc. But Monday, the government started paying attention to small business owners.
Analysts say small businesses are the key to getting us out of this recession. Now those who qualify can get an interest-free loan for a year to give them that boost they need.
"Everybody's excited about this new Arc Loan." Lavanya Mahate, program director of the Salt Lake Chamber's Women's Business Center said.
She says there might be some confusion about these ARC loans because the program only started today. "The rules are not quite clear because it has to filter down from the SBA to the lenders and then the borrowers."
Mahate says small businesses can qualify if they can:
- Show profits in one of the past three years;
- Show cash flow projections for the next two years to meet loan payments;
- Show an established business in operation for at least two years;
- Show they are current on all debts, or no more than 60 days past due on any loan.
"With the national economy morale being low, for small businesses this is a real boon because they see hope for their businesses to move forward," Mahate said.
E-mail: mrichards@ksl.com
