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by MageeNews.com
A short trip to Mendenhall brought forth local banker Dennis Ammann in his interview with ABC Television. Not local television either. This interview was for the Diane Sawyer show and will be shown nationally. The subject is the ARC Loans which is a Small Business Association Loan Program. Ammann and Peoples Bank has earned national recognition for their work in the program, which is designated to help local small businesses.
"Tom" the person doing the interviewing, there were lots other running around to set up the lights - hot lights at that, noted that Mendenhall is a "picturesque" town and said most places he visits are not up to that caliber. Put that with Ammann's "down home" customer-service style, and it should all be a good story.
The original story, first printed in early February, brought about the interview. The story, as well as a brief description of the ARC Program is attached to this story.
SBA ARC Loan Program
If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration has a new loan program designed just for you.
SBA’s America’s Recovery Capital Loan Program can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability. Each small business is limited to one ARC loan.
ARC loans will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first.
ARC loans can be used to make payments of principal and interest, in full or in part, on one or more existing, qualifying small business loans for up to six months. ARC loans provide an immediate infusion of capital to small businesses to assist with making payments of principal and interest on existing debt. These loans allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs. For example, making loan payments on existing loans with proceeds from an ARC loan can allow a business to focus more funds on core operations, such as buying inventory or making payroll.
ARC loans are interest-free to the borrower, carry a 100 percent guaranty from the SBA to the lender, and require no fees paid to SBA. Loan proceeds are provided over a six-month period and repayment of the ARC loan principal is deferred for 12 months after the last disbursement of the proceeds. Repayment can extend up to five years.
The best candidates for ARC loans are small businesses that in the past were profitable but are currently struggling, yet have been making loan payments or are just beginning to miss loan payments due to financial hardship. ARC Loan FAQs for Borrowers.
ARC loans are made by commercial lenders who are SBA participants. The SBA will pay these banks a monthly interest rate throughout the term of the loan. Lenders can find more information here. Non-SBA lenders can easily become SBA participants by working with their nearest SBA district office. Businesses interested in applying for an ARC loan should first contact their current lender.
ARC loans will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first.
For more information, contact www.sba.gov.
The original story, printed in its entirety regarding the SBA ARC Loans, People’s Bank, and Dennis Ammann
And the No. 5 purveyor? Tiny Peoples Bank of Mississippi has made 145 loans. A community bank based in Mendenhall (population 2,553), Peoples has five locations in four towns in the middle of the state. It had but $192 million in assets at the end of September, according to data from the Federal Deposit Insurance Corporation; that makes it the 3,342nd-largest institution operating in the United States (out of 8,109).
MageeNews.com will inform the public of the "airing" date of the interview.
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