Small Business Loan Program
Ready. Set. Grow
There has never been a better time to expand your business, or start a new one. Whether your business needs additional money for working capital, machinery and equipment, or you're looking to purchase, construct or renovate commercial real estate, the help you need is closer than you think. The state of Arkansas, with the help of the Arkansas Department of Economic Development's Small and Minority Business Unit can assist you with your business plan and the documentation required to qualify for the Small Business Loan Program.
The Big Idea and the Small Business
Recognizing the state's strong commitment to assist small and minority businesses, in 1999 the Arkansas legislature established the Small Business Loan Program, designed to stimulate economic growth, especially in economically deprived areas. The Arkansas Department of Economic Development administers the program, partnering with community lenders and providing up to 50 percent of the loan. The Department's share can be between $2,500 and $40,000.
Apply and Grow
If your business has fewer than 50 full-time employees, less than $1 million in annual gross sales and is not a farming operation, you may qualify for a Small Business Loan.
To apply, just contact a community lender that has been approved by the Arkansas Department of Economic Development to make small business loans. You'll then need to provide the lender with a sound business plan, credit references, collateral and a demonstrated need. At this point, the lender will determine if your project meets minimum qualifications and will forward the application to the Department for review.
click here to find a Small Business Loan Program Participating Lender
Terms of Endowment
The loan may be used to purchase machinery and equipment, to stabilize working capital and/or purchase, construct or renovate commercial real estate. Terms for repayment of the loan allow three to five years for working capital, five to 10 years for equipment and 10 to 20 years for real estate.
For more information, Contact:
AEDC - Small & Minority Business Unit
One Capitol Mall
Little Rock, AR 72201
501-682-6105
