Last week the Small Business Administration (SBA) launched an emergency loan program. The program is designed to give existing businesses small loans to pay back principal and interest on already existing debts. These loans supplied by the SBA are interest free. However, small businesses looking to borrow may have trouble finding a bank that provides the America’s Recovery Capital loans. Banks are complaining that the paperwork is too hefty with little incentive for the banks to bother with. The general consensus of lenders is that there is little profit for the amount of work. Some large banks like Bank of America (BOA) have not signed on yet.
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