Disqus - Latest Comments for Nealgordon

Re: Are you looking for money in your business?

Nealgordon — Fri, 07 Aug 2009 06:21:57 -0000

The SBA ARC Loan program continues to be problematic for many struggling small businesses. The loan amount is too small to help many businesses (Ask Congress why they thought this would be enough). The amount of documentation is nearly the same as is needed for a $1million loan. And the biggest issue that borrowers are facing is finding a lender who will loan to them, which is based on the type of qualifying debt that applicant has. So even if a business is qualified, it is far from automatic that they get a loan. As the article intimates, banks are wary and the debt they “prefer” are the term loans, notes and capital equipment leases, because the borrower can’t draw back on them once the ARC Loan pays off that debt.

My company, Business Borrowers Alliance, has been contacting the banks nationally that have been named as participants to learn what their specific requirements are and most continue to only want to do ARC Loans to only those with loans at their bank.

For more information, contact us at 866-944-3866 or mail@businessborrowersalliance.org

Neal Gordon
http://www.businessborrower...
We provide direct assistance and help to businesses throughout the complete ARC Loan application process.

Re: Temporary Program Provides Bridge Loans for Small Businesses

Nealgordon — Wed, 15 Jul 2009 06:26:58 -0000

Although the ARC LOAN program can be very helpful for some businesses, one of the biggest problems, so far, has been that borrowers are having difficulty locating a lender who will lend to them especially if their lender doesn’t participate. Many of the banks want to provide loans to current customers only, especially if they hold a loan from that customer. It can depend on the type of debt the business carries. Finally, lenders have different policies as to whether they will make minimum payments on debt or will make larger payments toward the total debt. Banks are unhappy to process and underwrite a loan package for a $35,000 loan that requires nearly as much as is needed for a regular sized SBA 7(a) loan.

As we continue to try to provide assistance to borrowers seeking the loans, there are too many who will not be able to get these loans despite meeting qualifications. While helpful to many, this piece of legislation from Congress and signed by the President is TOO LITTLE, TOO NARROW and TOO LATE to help more businesses than a better program could have.

Neal Gordon
http://www.businessborrower...

Re: Getting the Lowdown on ARC Loans – Bailout for Small Business

Nealgordon — Fri, 03 Jul 2009 10:21:27 -0000

One big problem for borrowers is locating a SBA ARC Loan from a lender who is not their bank. Many of the banks want to provide loans to current customers only, especially if they hold a loan from that customer. Also, many banks have additional requirements for the loans beyond what the SBA has required. Finally, lenders have different policies as to whether they will make minimum payments on debt or will make larger payments toward the total debt. But not one of the banks is happy about having to process and underwrite a loan package for a $35,000 loan that requires nearly as much information, documentation and support as is needed for a regular sized SBA 7(a) loan.

My company, Business Borrowers Alliance, is contacting the large and mid-sized banks to learn if they are participating and what their specific requirements are. We provide direct assistance and help to businesses throughout the complete ARC Loan application process.

For more information, contact us at 866-944-3866, mail@businessborrowersalliance.org or visit www.businessborrowersallian...