Congressman announces small-business loan initiative
Posted: Thursday, June 18, 2009 9:21 pm
Local small businesses may be eligible for interest-free loans under a new initiative, U.S. Rep. John Tanner announced in a press release.
The newly-launched “America’s Recovery Capital” program allows small firms to apply for loans of $35,000 to pay down existing business debts that may be temporarily difficult to meet during the economic crisis.
“Tennessee’s small businesses are key to our local economy and job creation, but many are currently facing devastating challenges,” Tanner said. “This program will help small business owners get through the rough patch so they can pay their bills, retain employees and continue to play their role as job creators in our economic recovery.”
The loans are part of the American Recovery and Reinvestment Act, which was enacted in February.
To qualify, small businesses must demonstrate they are experiencing immediate financial hardship due to the downward economic spiral but are otherwise deemed by the Small Business Administration to be viable. The loans will be made by commercial lenders and can be used for payments of principal and interest for existing, qualifying small business debts and balances due to suppliers, vendors and utilities.
Businesses wishing to apply should visit their local SBA-approved small business lenders. Additional funding is available at http://www.sba.gov/recovery/arcloanprogram/.
Published in The Messenger 6.18.09