Good Scoop from the State DCCO

Small Businesses Can Apply for ARC Loans   

The SBA has begun offering loans for a temporary new program called America's Recovery Capital.  "ARC" loans of up to $35,000 are designed to provide a "bridge" for viable small businesses with immediate financial hardship--to keep their doors open until they get back on track. 

ARC loans are deferred-payment loans of up to $35,000, available to established, viable, for-profit small businesses that need short-term help to make their principal and interest payments on existing and qualifying business debt.  ARC loans are 100% guaranteed by the SBA and have no SBA fees associated  with them. 

ARC loans will be disbursed over a period of up to six months and will provide funds to be used for payments of principal and interest for existing, qualifying small business debt including mortgages, term and revolving lines of credit, capital leases, credit card obligations and notes payable to vendors, suppliers and utilities. 

For more information on ARC loans, visit www.sba.gov or contact your Illinois 

Small Business Development Center. 


Contact Us:

John Whalen
Regional Manager
3201 CIRCA Dr. Ste. 203
Bloomington, IL 61704
Phone; 309-663-7528
Fax: 309-663-8130
Cell: 309-830-8458
John.Whalen@Illinois.gov
 
Anthony Rolando
Business Relationship Manager Canton City Hall
2 North Main Street, First Floor
Canton, Illinois 61520
Pekin Office-Pekin City Hall
111 S. Capitol
Pekin, Illinois 61554
Phone: 309-647-5896
Fax: 309-647-9325
Mobile: 309-338-4191
Anthony.Rolando@illinois.gov
 
Scott Petty
Business Relationship Manager
100 S.W. Water Street
Peoria, IL 61602
Phone: 309-676-5704
Fax 309-676-5703
Mobile 309-264-7553
Scott.Petty@illinois.gov

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Il Treasurer - Programs and Services:

Federal Business Opportunities:  

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Illinois Clean Energy Foundation:

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Illinois Department of
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Illinois Municipal League:

DCEO LWIA & Workforce Development

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DCEO Stimulus Website


Changes to SBA 504 Loan Program Will Allow Businesses to Refinance Existing Debt, Expand, Create New Jobs

Small Businesses seeking to expand will be able to refinance existing loans used to purchase real estate and other fixed assets as a result of permanent changes to the SBA's 504 Certified Development Company loan program. The changes were authorized in the American Recovery and Reinvestment Act of 2009.

The permanent changes will allow small businesses to restructure eligible debt to help improve their cash flow which, in turn, will enhance their viability and support growth and job creation. The 504 loan program can be used to purchase business real estate or fixed assets, such as heavy equipment or machinery, and expand current development projects.

Debt Refinancing: Legislation allows 504 program projects to include a limited amount of debt refinancing if there is a business expansion and the debt refinanced does not exceed 50 percent of the projected cost of the expansion. "Expansion" includes any project that involves the acquisition, construction or improvement of land, building or equipment for use by the small business. The following are some of the conditions under which borrowers will be eligible for refinancing:

• The debt being refinanced was incurred to acquire land, to construct a building or to purchase equipment. The assets acquired must be eligible for financing under the 504 program.
• The existing debt is collateralized by fixed assets.
• The existing debt was incurred for the benefit of the small business.
• The new financing provides a substantial benefit to the borrower when prepayment penalties, financing fees, and other financing costs are taken into account.
• The borrower has been current on all payments of existing debt for one year prior to the date of refinancing.

For more information on the 504 loan program and eligibility requirements, go to
www.recovery.gov or www.sba.gov/recovery or contact your Illinois Small Business Development Center.

FACTA Red Flags Rules Will Impact Small Businesses
Starting August 1, 2009, millions of small businesses that extend credit or defer payments for goods and services will be subject to a new set of rules under the Fair and Accurate Transaction Act aimed at helping curb identity theft.  The new rules-- known as the FACTA Red Flags Rules-- are federally mandated precautions certain businesses must take to protect customers from identity theft crimes. 

Many small businesses are unaware of this regulatory issue.  The upcoming FACTA Read Flags Rules require covered businesses to create a process for detecting so-called "Red Flags" in identity verification, such as notices from identify theft victims or law agencies, among others:

     Discrepancies in address history
     Fraud alerts on credit reports
    Suspicious use of SSN
     Inactive accounts that suddenly become active
    Credit-freeze notifications
    Credit reports with suspicious activity patterns
    Notices from identify theft victims or law agencies, among others

For more information on the FTC's "Red Flags Rules", go to the FTC website and red more about the new requirement starting August 1st.