Comments on: Can I Expect a Small Business Loan from Obama’s ARC Program? http://www.wrongquestion.com/?p=285 Are you asking the right questions for your business? Tue, 10 Nov 2009 19:13:34 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: LL http://www.wrongquestion.com/?p=285&cpage=1#comment-36 LL Mon, 20 Jul 2009 20:02:09 +0000 http://www.wrongquestion.com/?p=285#comment-36 Well, we decided not to bother with this. It isnt going to give us anything to work with, because Wells Fargo is only in it to pay off the line of credit. We'll end up with a rather hefty payment every month, but no way to free up cash flow. If we could pay off a bunch of credit, and go that route, it would be worth it but that isnt what they will even consider. Hopefully another better plan will come along, without the government involvement! Well, we decided not to bother with this.
It isnt going to give us anything to work with, because Wells Fargo is only in it to pay off the line of credit.
We’ll end up with a rather hefty payment every month, but no way to free up cash flow.
If we could pay off a bunch of credit, and go that route, it would be worth it but that isnt what they will even consider.
Hopefully another better plan will come along, without the government involvement!

]]> By: Todd Taskey http://www.wrongquestion.com/?p=285&cpage=1#comment-34 Todd Taskey Thu, 16 Jul 2009 15:28:57 +0000 http://www.wrongquestion.com/?p=285#comment-34 "Each" small business will NOT be entitled to an ARC loan because there is an allocation that will provide loans for only a fraction of small business owners. SBA is specifically not charging fees and not allowing banks to charge customary fees. “Each” small business will NOT be entitled to an ARC loan because there is an allocation that will provide loans for only a fraction of small business owners. SBA is specifically not charging fees and not allowing banks to charge customary fees.

]]> By: ultrayellowpages http://www.wrongquestion.com/?p=285&cpage=1#comment-33 ultrayellowpages Wed, 15 Jul 2009 16:58:11 +0000 http://www.wrongquestion.com/?p=285#comment-33 These loans will be interest free and fee free, although the banks that are doing the lending for the SBA might have some fees of their own. Each small business will be entitles to one loan from the ARC pool. <a href="http://www.ultrayellowpages.com" rel="nofollow">bill shor</a> <a href="http://www.ultrayellowpages.com" rel="nofollow">Saratoga springs</a> These loans will be interest free and fee free, although the banks that are doing the lending for the SBA might have some fees of their own. Each small business will be entitles to one loan from the ARC pool.

bill shor
Saratoga springs

]]> By: Todd Taskey http://www.wrongquestion.com/?p=285&cpage=1#comment-29 Todd Taskey Fri, 10 Jul 2009 18:33:05 +0000 http://www.wrongquestion.com/?p=285#comment-29 Unfortunately it may well be a waste of time. unfortunately, WF has to go through the process as that is politically correct. I think it will be valuable to our readers if you will keep us posted on how this develops. Anyone else with an experience to share? Unfortunately it may well be a waste of time. unfortunately, WF has to go through the process as that is politically correct. I think it will be valuable to our readers if you will keep us posted on how this develops.

Anyone else with an experience to share?

]]> By: LL http://www.wrongquestion.com/?p=285&cpage=1#comment-27 LL Wed, 08 Jul 2009 20:03:38 +0000 http://www.wrongquestion.com/?p=285#comment-27 PS Make that "we wil not be paying credit card debt unless it is a Wells Fargo Business Credit Card" and then only for one large transaction of $5000 or more with a supporting invoice. In other words, they are making up their very own rules, near as I can tell. PS Make that “we wil not be paying credit card debt unless it is a Wells Fargo Business Credit Card” and then only for one large transaction of $5000 or more with a supporting invoice.

In other words, they are making up their very own rules, near as I can tell.

]]> By: LL http://www.wrongquestion.com/?p=285&cpage=1#comment-26 LL Wed, 08 Jul 2009 19:50:16 +0000 http://www.wrongquestion.com/?p=285#comment-26 Todd: Wells Fargo bank (which is my business bank) just wrote me. They said they will not pay off any credit cards or loan (I assume) unless they are through Wells Fargo bank. They also told me, in a rather flippant way, that they have approved very few loans. The applications, near as I can tell, do not say the credit card or loan has to be through your bank in order to be considered to be paid off by the ARC funding. Why would they be asking for documents from any accounts you may owe on? I know it has to be business only accounts, but where does it say it can only be accounts through the lender/bank? I think this whole thing is a huge confusing mess. The banker wrote me an extremly flippant Email. I dont really know what to do. My spouse wants to pursue the loan, but I am beginning to think it will be a huge waste of time. Or, is that what they want us to think? Todd: Wells Fargo bank (which is my business bank) just wrote me.
They said they will not pay off any credit cards or loan (I assume) unless they are through Wells Fargo bank.
They also told me, in a rather flippant way, that they have approved very few loans.
The applications, near as I can tell, do not say the credit card or loan has to be through your bank in order to be considered to be paid off by the ARC funding. Why would they be asking for documents from any accounts you may owe on? I know it has to be business only accounts, but where does it say it can only be accounts through the lender/bank?
I think this whole thing is a huge confusing mess.
The banker wrote me an extremly flippant Email.
I dont really know what to do.
My spouse wants to pursue the loan, but I am beginning to think it will be a huge waste of time.
Or, is that what they want us to think?

]]> By: Todd Taskey http://www.wrongquestion.com/?p=285&cpage=1#comment-25 Todd Taskey Wed, 08 Jul 2009 00:50:21 +0000 http://www.wrongquestion.com/?p=285#comment-25 LL: No doubt we are in a difficult time and the real winners will be those who can survive to better days (hopefully 2010?). First, check this <a href="http://www.businessmanagementdaily.com/articles/19140/1/How-do-I-find-working-capital-for-my-business/Page1.html" rel="nofollow">post</a>. Second, review your marketing programs, sometimes new accounts are easier than old ones. Third, review my next blog post that profiles 4 funding sources that really work. ARC loans are great, just difficult to get. If you have success, please share here so we can learn from your experience. LL:

No doubt we are in a difficult time and the real winners will be those who can survive to better days (hopefully 2010?). First, check this post. Second, review your marketing programs, sometimes new accounts are easier than old ones.

Third, review my next blog post that profiles 4 funding sources that really work.

ARC loans are great, just difficult to get. If you have success, please share here so we can learn from your experience.

]]> By: LL http://www.wrongquestion.com/?p=285&cpage=1#comment-24 LL Tue, 07 Jul 2009 22:00:11 +0000 http://www.wrongquestion.com/?p=285#comment-24 We have two small biz. (Service and one product we sell). Our commercial accounts are saying they cannot afford us right now, and our residential accounts are not scheduling. Are there any areas where we can get some help either by being veteran owned or half woman owned? Should we consider the ARC since our bank (after a 24 yr excellent relationship) capped our line of credit, and our sales are truly down right now? Have not missed any payments anywhere, but resorting to credit cards just to pay things like Yellow Pages, which are not serving their purpose at the moment. We're trying to keep a very young and excellent employee going, plus ourselves..... We have two small biz. (Service and one product we sell).
Our commercial accounts are saying they cannot afford us right now, and our residential accounts are not scheduling.
Are there any areas where we can get some help either by being veteran owned or half woman owned?
Should we consider the ARC since our bank (after a 24 yr excellent relationship) capped our line of credit, and our sales are truly down right now? Have not missed any payments anywhere, but resorting to credit cards just to pay things like Yellow Pages, which are not serving their purpose at the moment.
We’re trying to keep a very young and excellent employee going, plus ourselves…..

]]> By: Todd Taskey http://www.wrongquestion.com/?p=285&cpage=1#comment-23 Todd Taskey Mon, 06 Jul 2009 19:17:02 +0000 http://www.wrongquestion.com/?p=285#comment-23 We get a lot of great comments about those interviews. Real business owners, real issues, real solutions, nothing better. Glad you enjoyed and benefited... We get a lot of great comments about those interviews. Real business owners, real issues, real solutions, nothing better. Glad you enjoyed and benefited…

]]> By: Todd Taskey http://www.wrongquestion.com/?p=285&cpage=1#comment-22 Todd Taskey Mon, 06 Jul 2009 19:09:05 +0000 http://www.wrongquestion.com/?p=285#comment-22 You can click the links at the bottom of the post and most current post has 4 small business loan options that really work for business owners of almost every credit profile, even in this environment... You can click the links at the bottom of the post and most current post has 4 small business loan options that really work for business owners of almost every credit profile, even in this environment…

]]>