SBA ARC Loans - Do You Need Relief?

I see lots of requests for help finding funding for new businesses - where, how to qualify, sometimes looking for free grants (which is another story) - but I haven't seen as many requests for help with cash flow in established businesses over the short haul. Maybe you didn't know to ask?
I'll go out on a limb with an answer to a question I haven't seen asked but makes sense - America's Recovery Capital Loan program administered by the Small Business Administration. You're limited to 1 ARC loan of up to $35,000, but maybe that would be enough. I don't believe this is going to last forever. This program sure won't last forever, just while funding lasts and certainly not past Sept, 30, 2010.
http://www.sba.gov/recovery/ar...
Deni

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markkk

New Member

03/18/10 4:21am PDT

I'm going to make a long story short. I owe about 35K in tax and in order for me to pay it I need to make a withdrawal from my IRA. Would I be eligble for this ARC Loan? Also, if I am would it affect any other loan I will be applying for? If it matters I have an excellant credit rating.

This is a question for the certified Pro/Advisor - Not a public one if that's ok.

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sunremserv

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03/18/10 4:36am PDT

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Sorry, mark, I'm just not qualified to give you an answer on that. I made this post because it was info I just happened upon that might give somebody else some ideas. I did just check the link and it still works. Whether there are still funds available, I don't know, but you are still well within the time deadline. Seems like there are a number of other helpful links embedded in the article, so maybe that will help some.

Wish I could be of more help.

Denise Burke

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