Unpacking the Stimulus Package, Vol. 4
On June 15th, the Small Business Administration began accepting applications for their short-term deferred-payment ARC loan program. By the end of the first week, however, only four national banks had signed on to the program and only 72 of an estimated 10,000 loans had been approved nationwide, none of which were in North Carolina. The program has picked up momentum in its second week as information has become more readily available to small businesses as well as lenders.
SBA spokesperson Jonathan Swain is not worried about the slow start, saying “We always knew there would be a ramp-up period. We knew there would be lenders who would need to take some time to look at the loans, the terms, their customers, and — specifically with larger lenders — how it would impact their system.” The SBA has held in-person and virtual informational sessions in the past two weeks to address lender questions, and say that thousands of lenders have been in attendance. In addition, they have staffed a call center to field questions about the loan (866.947.8081) to supplement the information available on their website.
In North Carolina, Wachovia and BB&T are currently participating in the ARC loan program. BB&T is limiting their participation to existing clients. Those interested in obtaining an ARC loan application through Wachovia should call 800.877.1722. For an application through BB&T, call 800.562.6228.