After a few months of waiting, SBA guidelines for small business debt relief loans have been released. These loans, termed “America’s Recovery Capital” (ARC), are meant to help small businesses discharge some of this debt. Your home business might be eligible in some cases. Here are some of the guidelines for the ARC loans, according to CNN Money:
- *Business must have been in operation for at least 2 years, and been profitable for at least 1 of the last 2 years. (No startup businesses, and no businesses that have been losing money for consecutive years.)
- *ARC loans can be used to make payments for up to 6 months on debt that already exists.
- *Business has to prove it is experiencing financial hardship.
- *Debt backed by the SBA prior to Feb. 17, 2009 is not eligible.
- *If you borrowed money for business expenses on your personal credit card, you can use ARC.
You will have to apply through a lender, however. The SBA is not offering these ARC loans directly.
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