Need A $35000 Small Business Loan?

The new economic stimulus package has in place a very nice deal for small business owners that will guarantee $35000 worth of funds to pay off existing debts. The loan guarantees are provided by the Small Business Administration and will be provided to small business owners that are struggling to make profits.

Business owners that take out such loans will have one year after they take out the loans to start making payments. These loans look like they’ll work a lot like Federal Student Loans which are subsidized by the U.S. government. The government takes care of the interest on the loans until the business owner takes them over, which is in this case one year after the take out the loan.

Sounds like a very cool program.

Source: MSNBC: Small Loans To Keep Troubled Firms Afloat