Snowe Seeks Repeal of ARC Loans
OMB estimated 60 percent of ARC borrowers may default on their loans. Read More...
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Snowe Seeks Repeal of ARC Loans
Dec 7th, 2009 | By Dawn Rivers Baker
Senator Snowe...proposed...a bill...last month, that would repeal the ARC Loan program...
American Recovery Capital (ARC) loans were created by the American Recovery and Reinvestment Act [as] bridge loan[s] for small business owners faced with no access to capital and declining sales revenues, who were having trouble meeting existing obligations. [T]he White House Office of Management/Budget recently estimated that 60% of ARC borrowers may default on their loans...
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