ARC Loan Mistakes

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This article will cover the mistakes business owners make in trying to get and ARC loan and what you can do to avoid the same mistakes. Mistakes are time wasters and time is of the essence when it comes to getting the ARC Loans.

Mistake 1: Not understanding there is a time limit. Yes, ARC loans became available      in June of 2009; however, there will not be there forever. By knowing the deadlines and anticipating how much time it will take you to apply, you can avoid rushing. Rushing your paperwork will cause you to forget or leave out important information. Information gathering will be vital to creating an application that will get you the money.


Mistake 2: Not asking for the top amount. You need to know the maximum amount you can ask for and ask for it. This will bring you up to date with a lot of other bills. People are afraid to ask for more than they ‘need’. If you business is to expand, you have to do more than just get enough to keep you going. You have to get enough to go past survival and into Thrive. Ask for the proper amounts.

Mistake 3: Applying to the wrong banks. Not every bank will be doing these loans. Many banks do not think these loans will help. They think of the loans as being a problem in the long run. Some banks who are saying they are doing the loans are not up and running yet. I have had people write me at the Wright Place  TV Show and tell me, the bank they called, didn’t have the paperwork and were not ready to take applications. Some banks, no one knows anything about the ARC loans, or who they work. So do not waste time running from bank to bank. Start with your own business bank. You have a relationship with them and you can easily speak with someone who will tell you, what your bank is willing to do.

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Stimulus for the Rest of Us (Part 1)

After 56 days in office as the 44th president, Obama has done some work on making life easier for the small business owner. Everone is talking about the stimulus plan and how the small business owner can get in on it.

A lot of people are trying to figure out how to ‘get some stimulus money’. Impacts from the $787 billion stimulus package, the tax breaks from new home buyers to renewable energy, are still rolling out.

On Monday, Obama unveiled his $15 billion plan to inject life into the credit market to help small businesses. The plan calls for $730 million of the stimulus plan to reduce lending fees and increase loan guarantees for small business to 90 percent. The plan also will provide banks $15 billion in hopes of loosening the credit market and increasing lending to small businesses. However, economic plans don’t take effect overnight, and the payoff may not be seen in the markets until next year.

Also, that part of the plan may not help those in trouble. People are not getting the loans because of credit issues and financial problems, not because the bank says they have no money!

If the effects are not going to be seen until 2010, what do we do for the next 9 months?

Right now loan fees are being waived and people are hoping that the taxes will not be raised for the small business owner. Banks will have to report quarterly on how much money they lent out if they received government assistant. Well Fargo recently announced new loans for consumers and commercial loans and did not take government assistance when it took over Wachovia Bank.

Private money is actually more available than Bank money. You can learn about this type of lender here:

Here is my question to you-

Do you know anyone who was turned down because the bank did NOT have money to lend?