Funding: Good News For Entrepreneurs in Virginia
June 9, 2009
By Greg Magnus
Lack of capital can stymie an otherwise viable growing small business with excellent growth potential. Hence, the creation of SBA loans to assist small business owners and entrepreneurs with solid business acumen. And, certain banks welcome you at the door.
New York-based M&T Bank has purchased eight Richmond, VA, branches of Provident bank, which reportedly is one of the SBA friendly lenders. Richmond BizSense reports:
Eight local bank branches previously operated by Maryland-based Provident Bank are under new ownership.
Those banks are now run by New York-based M&T Bank and have been open under the new name for about two weeks. M&T, which also acquired three former Provident branches in Fredericksburg, has a reputation for being a big lender for SBA loans, which could be a welcome sight for local entrepreneurs.
The purchase was valued at $401 million, according to the Albany Business Review . M&T had $64.9 billion in assets as of March 31; Provident had $6.5 billion in assets at that time. << Full Richmondbizsense.com story here >>
So, what do you need to do to get an SBA loan to grow your business? Start with a complete and compelling business plan that includes solid financial and marketing plans. A bank’s first impression of your company is your business plan. Get it right the first time, get capital and grow your business.
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WEB SITE, ARC-LOANS.COM, HELPS BUSINESS OWNERS BETTER UNDERSTAND ARC LOAN PROGRAM
ARC Loans are government mandated interest-free loans designed to help small businesses.
A new web site called ARC-Loans.com was recently launched as an online resource for President Obama’s newly endorsed ARC loan program – designed to provide small business owners and entrepreneurs with interest-free business loan options. The web site discusses the program in full detail, giving potential applicants a better understanding of whether or not they should apply.
Essentially a compilation of information from the Small Business Administration and other sources, the web site offers visitors a list of relevant resources as well as an explanation of who exactly qualifies for these loans. Readers will also be able to learn about the potential risks and disadvantages of obtaining an ARC loan.
ARC loans are defined as America’s Recovery Capital loans, one of the many initiatives your tax dollars are paying for at this time. The American Recovery and Reinvestment Act is a bill signed by President Obama in February 2009 that was designed to rescue the American economy; to date, it hasn’t worked yet if you didn’t notice.
The program provides up to $35,000 per borrower to help small business owners who are experiencing financial hardships, but is capped at just 10,000 loans available – which amounts to only 200 per state. The loans are also only available to companies that have been profitable for at least one of the past two years. They are not available for new companies and start-ups.
For more details about ARC Loans, visit the ACR-Loans website and let us know what you think.