Small Business Administration chief Karen Mills announced a new emergency lending program for struggling U.S. small businesses on Monday, calling it a “bridge over troubled water” for beleaguered entrepreneurs.
Under the new America’s Recovery Capital program, small businesses that meet assistance guidelines will be eligible for up to $35,000 in deferred-payment loans 100 percent guaranteed by the SBA.
According to the SBA: “This new program is intended to give small businesses some temporary financial relief to keep their doors open and get their cash flow back on track so they can maintain existing jobs and ultimately create new jobs.”
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America Recovery and Reinvestment Act: Q&A for small businesses
