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.
I am a small business owner a i have been working very hard to get a loan for my 10 year old salon / Spa business and i am not getting any help for banks. I don’t think that the stimulus package is help the small business.
I have talked with other small hard working business i my area. And we all are in need of help. Each month that go by we all that money to pay the bills and rent. There are so business with there doors closed now do to no help coming to us in time.
We need help and we will need it now so we business in pay the bills.
I what to a big bank to see about getting a lone the men that talk to me did not even try to see if there was some type of loan that would be good for me to apply for i had asked hem about the 7a loan backed by the SBA he told me he would look in to it.I had called hem back to see if i could apply and he could me that they will not make loans to women and would not make loans to women in my community will this just made me cry. other banks tell me they have no money to loan. I have put every thing in to this business it has been my passion for 10 years my be its time to say good bye to some thing i love because the banks are not going to help us they can not see the side of the small business owner.
I am a small business owner a i have been working very hard to get a loan for my 10 year old salon / Spa business and i am not getting any help for banks. I don’t think that the stimulus package is help the small business.
I have talked with other small hard working business i my area. And we all are in need of help. Each month that go by we all that money to pay the bills and rent. There are so business with there doors closed now do to no help coming to us in time.
We need help and we will need it now so we business in pay the bills.
I what to a big bank to see about getting a lone the men that talk to me did not even try to see if there was some type of loan that would be good for me to apply for i had asked hem about the 7a loan backed by the SBA he told me he would look in to it.I had called hem back to see if i could apply and he could me that they will not make loans to women and would not make loans to women in my community will this just made me cry. other banks tell me they have no money to loan. I have put every thing in to this business it has been my passion for 10 years my be its time to say good bye to some thing i love because the banks are not going to help us they can not see the side of the small business owner.