Since the Small Business Administration (SBA) launched the America’s Recovery Capital (ARC) small business loan program in last June, more than 1,000 emergency loans have been granted. The goal of the ARC program is to grant 10,000 loans by the time it ends in late 2010. Slow goes it for the banks, at this point, they are being careful about participating, with only 400 lenders currently making ARC loans. There are 8,200 FDIC-backed banks in the U.S.
Only three of the SBA’s 10 most active lenders this year — Wells Fargo, PNC Financial and Zions Bank –have issued ARC loans. The SBA data notes that Minnesota and Wisconsin have generated 28% of the ARC loans made to date. Alabama, Oregon and South Carolina, have fewer than five lenders offering ARC loans.
ARC provides interest-free (and insured) loans of up to $35,000 to approved business owners and is paying banks two percentage points over the prime rate. The SBA is forecasting a 56% default rate. Small, low-interest loans like these aren’t particularly profitable for banks, considering the time required to vet applications and manage the loans.
An alternative source for small business owners is invoice factoring. In fact, single invoice factoring (a.k.a. invoice discounting) is unique, simpler and superior to standard invoice factor services, factoring funding provided by traditional old line factors, accounts receivable financing, receivable funding and assets based lending approaches. By selling credit-worthy invoices to IFG, businesses acquire additional funding for immediate working capital.
Services provided by IFG allowed us to capitalize on significant growth opportunities over a short period of time; tripling our workforce and increasing our revenue 10 fold,? said Carol Craig, President, Craig Technologies.
For more information on accounts receivable factoring, go to www.ifgnetwork.com
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