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In fact, non bank finance companies currently comprise about 15 percent of small business lending and are better positioned for growth in this market than commercial banks.
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The "Ugly" is the program is on a first come first serve basis. The program will expire once the $336 million in program funds is used or by September 30, 2010, whichever comes first. Currently there are over 400 lenders that have funded ARC loans. The "Good" loan approval are relatively fast within 36 hours and revolving loans up to 7 years with maturity extensions are allowed. Lenders are also not required to take collateral for loans up to $25,000. However, the lender may use their in house credit guidelines on collateral policy for loans greater than $25,000 up to $350,000. The "Bad and Ugly" is that this program has a higher borrowing cost then the other SBA loan programs. Although lenders and borrowers can negotiate interest rate, lenders may charge up to 6. 5% over prime for loans under $50,000 and up to 4. 5% for loans over $50,000. Unlike, the 7a loan program for example in which the maximum spread over prime is 2.