It’s not every day someone offers you an interest-free loan. The U.S. Small Business Administration recently announced a program to do just that. As part of the stimulus package, SBA is launching America’s Recovery Capital loans June 15.
To qualify, you’ve got to jump through some hoops:
One potential holdup on this is that some banks are leery about participating. In a CNN.Money story, Emily Maltby reports that SBA has yet to spell out details on how much it will pay the banks to make it worth their while, since no interest is being charged. Bankers also aren’t exactly sure about where to draw the line on what businesses are “viable” and which aren’t.
Maltby writes that SBA plans to tell the banks more by June 8.
For more information, visit the SBA website.
— Max Heine