those ARC loans sound very interesting - what is the max amount you can borrow though this scheme? Are the loans secured or unsecured?

Have any business owner here thought about using intellectual property as a way of repaying a debt or business loan?  Some entrepreneurial startups intellectual assets are as valuable as hard tangible assets.  Brand name is an asset.  Dot-com or Dot-net are other assets.  You can also market your skill set and the specialize knowledge you have acquired during the normal course of business.

There are still America's Recovery Capital (ARC) funds available - your business just needs to show that revenue is down and costs are up, that you have a plan to get back on the right track and that your business made a profit in at least one of the last two years. These are designed to help businesses catch up on loan payments or to make payments to suppliers. Search the SBA's site for more information.

We just published an article about What Happens When I Default on a Business Loan. Feel free to read!

Hi christine - when you say defaulted on a loan, do you mean missed a payment or two, or were actually unable to repay the loan at all? A lot of people are facing real financial uncretainty and missing a payment or two (or being late) will be a pretty common occurence for many people. A lot of people will also end up foreclosing on their homes unnecessarily, mainly due to not fully understanding their options. Business owners are smarter as a rule and tend to try and exhaust every option first, but there are plenty of people who will think they have fewer options than they actually do. Refinancing or taking out a Loan Modification are two simple ways that many people can avoid losing their homes. In some cases a foreclosure/bankruptcy may be unavoidable, but in plenty of others there are options out there. No one wins in a foreclosure, except perhaps the person who buys the house cheap!