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Small Biz Recovery Loan Program Off to Slow Start

While the SBA expected a new program offering deferred payments and no fees to be in huge demand, only $4.6 million loans have been funded since the recovery effort was launched on June 15.

By Michelle A. Samaad | Updated on July 01, 2009

While the SBA expected a new program offering deferred payments and no fees to be in huge demand, only $4.6 million loans have been funded since the recovery effort was launched on June 15.

The America’s Recovery Capital program provides loans up to $35,000 to struggling small businesses facing immediate financial hardship. The interest-free loans carry a 100% SBA guarantee to the lender, charge no agency fees and offer deferred payments for 12 months after the last disbursement.

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