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The SBA had expected high deman d forthe loans, which were created by the economiv stimulus legislation to help struggling small businesses make paymente on existing debt. Through this small businesses can borrow upto $35,000 to make up to six months of payments on qualifying loans. Borrowersa won’t have to start repaying the ARC loans untilk a year after they receivs their last ARC loan The loansare interest-freed to the borrower. Instead, the SBA will pay the lended a monthly interest rate of prime plus 2 percentage The SBA also will guarantee 100 percent ofthe loan’z amount. The SBA began accepting applications for theser loansJune 15.
As of June 22, the agenchy had approved 72 loanstotaling $2.4 million submitterd by 42 lenders. Small businesses in 21 stateas receivedthese loans.
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