Small Business News – #1
Arc Loan Status
The America’s Recovery Capital program was designed to aid small business owners whose small businesses have been negatively affected by the recession. These loans of up to $35,000 are backed by the Small Business Administration and can be used by business owners who have owned their businesses for at least two years. The loans should be used to pay off existing debt.
ARC Loans have been available for small business owners since June 15, 2009. Nevertheless, according to CNN Money, the program has just recently begun to pick up. “…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,” writes Catherine Clifford for CNN Money. “That’s a sharp pickup from where the ARC program stood last month, when it had 400 participating lenders and around 1,000 completed loans.”
However, also according to the article, many small business owners are still having trouble getting their hands on these loans; particularly because many big banks have been slow to offer ARC loans.
Maybe these small business owners should consider getting a merchant cash advance instead. What do you think?
Small Business Reading
A small business owner is always learning; and reading is a great way to learn. Below are the top five books in small business and entrepreneurship on Amazon, as of October 1, 2009.
- Good to Great: Why Some Companies Make the Leap…and Others Don’t – By Jim Collins
- The Five Dysfunctions of a Team: A Leadership Fable – By Patrick Lencioni
- The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About it – By Michael E. Gerber
- Fish! A Remarkable Way to Boost Morale and Improve Results – By Steven C. Lundin
- The One Minute Manager – by Keneth H. Blanchard
Small Business Owners Optimistic about Economy
According to a survey released by Chase Credit Card Services, four out of five small businesses are pursuing a moderate or aggressive growth strategy and 75% of the surveyed companies believe their businesses will be doing better in three to six months.
In the survey, 168 chief and senior executives from the annual Inc. 500/5000 list of fastest-growing small companies were questioned. Source – MSNBC