Arkansas Economic Development Commission Quick Action Loan Program (Allocated Portion)
The Arkansas Department of Commerce recently announced the utilization of the Quick Action Loan Guaranty Program to address immediate needs of businesses impacted by the COVID-19 pandemic. In response to the inquires that have been received from small businesses around the state, the AEDC is allocating a portion of the Quick Action Loan Program to provide loans of a smaller amount with a faster approval process.
The objective of this loan program is to assist companies in Arkansas with job retention as they navigate the challenges brought about by the COVID-19 pandemic. To that end, AEDC will offer the following terms for qualifying businesses:
A forgivable loan of up to $25,000 to be used for working capital
Deferred payments for 12 months, upon which time the balance is due
If the company retains at least 75% of its current payroll over the next 12 months, the loan balance will be forgiven
For small businesses in Arkansas with two - 50 (direct W-2) employees, excluding owners
Companies representing all industry sectors may apply
Companies must currently be in operation at the time of application and sign a loan agreement that includes a commitment to retaining jobs
Loans may only be used for working capital (e.g., payroll, rent, utilities, supplies, etc.)
Only one AEDC sponsored assistance program will be allowed per company (per Employer Identification Number)
Interested applicants should contact the AEDC Office at:
Governor Asa Hutchinson announced an additional one million in funding was added to the Arkansas Economic Development Commission’s bridge loan program. The program is designed to provide short-term capital to companies until Federal dollars from the U.S. Small Business Administration become available.