June 20, 2009 7:39 AM
Small businesses struggling as a result of the economic downturn can obtain stimulus loans through the American Recovery and Reinvestment Act, according to a press release from the city officials.
The American Recovery Capital Program authorized $255 million in guaranteed loans for Small Business Association businesses, which can be obtained through September 30 or until funds are depleted. The maximum loan amount is $35,000.
Loans will be disbursed over six months, and repayment must begin one year after the final disbursement.
Businesses will have five years to complete repayment and will not be required to pay back interest.
Information on the loans can be found at sba.gov.