A new program called the 2009 American Recovery Capital Program has been rolled out under the direction of the Small Business Administration. This program will provide interest-free loans of up to $35,000 to small, private businesses. The specific purpose of the program is to offer companies experiencing financial hardship a source of capital to pay principal and interest on existing debt so they can utilize their cash flow to support the business and maintain company jobs.
These loans will be available until September 30th, 2010 – unless the money runs out sooner. Some of the criteria which must be met in order to qualify include:
- The company must be a minimum of two years old
- The company must be private and for-profit
- The company cannot employ more than 500 employees
- The company must be able to show a current financial hardship
A financial hardship can be identified in a number of ways, but could include a significant decrease in revenue, total sales or working capital.
For more information about the details of the program, go here. You can also call to talk with a representative who is knowledgeable about this program from 8am to 9pm EST Monday through Friday. The number is 866.947.8081.