Fees Waived for Veterans for all SBA Express Program Loans up to $350,000

The Arkansas Capital Corporation, which is a preferred lender of the U. S. Small Business Administration (SBA), is pleased to announce that the SBA will waive its initial borrower fees for military veterans who secure loans in 2014 via the agency’s Express Loans 7(a) Program, through which the agency backs small-business loans of up to $350,000. This is an increase from the previous cap of $150,000. Currently, the agency charges as much as three percent of the value of the loans. The goal is to help get small business loans into the hands of veterans by waiving the borrower upfront fee for all veteran loans authorized under the SBA Express program up to $350,000. This initiative will start on Jan. 1 and continue through Sept. 30. “We know that veterans have a track record of starting and running successful businesses,” said Al Hodge, senior vice president of Arkansas Capital Corporation. “By providing loans with no upfront fees, we are providing veterans with a more cost-effective way to start or expand their businesses.” SBA guaranteed loans can be used to purchase or improve owner-occupied commercial real estate, leasehold improvements, machinery and equipment, fixtures and furniture, inventory, and other business assets; to provide working capital; to refinance certain debt; to purchase a business; and to pay loan closing costs. Additionally, Six Bridges Capital Corporation, in partnership with The Arkansas Capital Corporation Group, offers VetLoan Advantage. VetLoan Advantage offers veteran-owned businesses a substantially lower processing cost on SBA 504 loans, allowing more opportunity for veterans to expand their existing businesses with fixed assets. VetLoan Advantage promotes entrepreneurship and business ownership among vets and their spouses. VetLoan Advantage provides capital for businesses to purchase commercial owner-occupied real estate, construct new buildings and purchase machinery and equipment. The Arkansas Capital Corporation Group of companies empower entrepreneurs by providing capital in conjunction with community banks to businesses through its capital availability products and advocating for entrepreneurs through capital, educational, and technological improvements. The Arkansas Capital Corporation Group serves as the platform from which new opportunities are launched. Today there are eight affiliate and partner companies, including, the Arkansas Capital Corporation, Six Bridges Capital Corporation, Arkansas Capital Relending Corporation, Arkansas Economic Acceleration Foundation, Heartland Renaissance Fund, Connect Arkansas, Pine State Regional Center, and SouthWind Analytics. To learn more, visit www.arcapital.com. Six Bridges Capital Corporation, established in 1989, is a private, non-profit, lending corporation specializing in financing for small business-occupied commercial real estate and equipment. As an economic development tool, the SBA 504 loan program through Six Bridges Capital Corporation provides long-term, permanent, fixed-rate financing to new and expanding businesses that have the highest probability of successfully creating new jobs for the state of Arkansas. The program, often referred to as “small business’ window to Wall Street,” is typically structured with a 10 percent borrower investment, a 40 percent subordinate SBA 504 loan and a 50 percent loan from a financial institution.