Skip to main content

New loan program available for small businesses

Small businesses suffering financial hardship as a result of the slow economy could be eligible to receive temporary relief through a new loan program announced this week by the Small Business Administration.

Beginning June 15, SBA will start guaranteeing America's Recovery Capital loans. 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 qualifying debt.

ARC loans are interest-free to the borrower, 100 percent guaranteed by the SBA, and have no SBA fees associated with them.

Repayment on the loans will not begin until 12 months after the final disbursement, and borrowers don't have to pay interest on ARC loans. After the  12-month deferral period, borrowers will pay back the loan principal over a period of five years.

Click here for information on the loans.

Click here for a "Dealer Alert" on the topic from the Marine Retailers Association of America.

Related

BOB-CONFERENCE

MMTA Sets Date for Conference

The educational Business of Boating Conference will be held in Foxboro, Mass., with in-person and remote attendance options.

AKZONOBEL

AkzoNobel Nominates Board Member

Ben Noteboom is expected to be elected chair to succeed the retiring Nils Andersen.

MARINE-MARKETERS

Neptune Awards Adds Category

“Boat Show Marketing” will recognize promotional efforts for shows, and entries will be accepted until Dec. 18.

WOMEN-SAILING

Sailing Convention for Women Returns

Postponed during Covid, the event will include on-water training, networking opportunities and workshops.

Norm

MBIA Names Board Members

The Michigan Boating Industries Association elected four new directors and named the officers who will serve next year. Also, the 2023 schedule for “Ladies Let’s Go Fishing!” is taking shape.

CL.YACHTS

CL Yachts Expands Dealer Network

The Hong Kong-based builder added retail locations in Australia, Dubai, Singapore and Macau.

LEGEND.BOAT.FIX

Legend Boats Partners With Boat Fix

The Canadian builder will offer the telematics system, which provides tracking, monitoring and 24-7 service, on new models starting next year.

MARINEMAX

MarineMax Establishes Technology Division

The company’s Boatyard and Boatzon units will operate under the new entity, New Wave Innovations.