Small business ARC loans pick up, but frustrations remain
A government effort to get badly needed cash into the hands of struggling small business owners is slowly gaining momentum, but entrepreneurs seeking the scarce loans are still in for a frustrating ride.
Dubbed “America’s Recovery Capital” (ARC) and created as part of the stimulus package, the program offers short-term, zero-interest loans to qualifying small businesses hurt by the recession. Since launching in early June, the ARC loan program has backed 2,715 loans totaling just over $88 million, with an average loan size of $32,425, according to the latest data from the Small Business Administration.
