| Arkansas offers a great quality of life to anyone | | | | NAFTA. |
| willing to settle in the state. The cost of living is low, | | | | 1.5) SBA Express Loan program |
| the towns are well connected to the rest of the | | | | The SBA Express works in collaboration with local |
| country, and the booming economy is something that | | | | lenders who are provided incentives to extend micro |
| business owners will find very attractive. In addition, | | | | loans to small businesses. |
| of course, the great business environment in the | | | | 1.6) Prequalification Loan Program |
| state - the state government provides all possible | | | | The prequalification loan program helps small |
| assistance to startups as well as established | | | | businesses run in rural areas, or run by the disabled, |
| companies. | | | | women and armed forces veterans get loans from |
| Getting a Business Loan in Arkansas: | | | | private lenders. |
| Getting a business loan is not as difficult as many | | | | 2) US Department of Agriculture (USDA) |
| business owners think it is. You need to have a good | | | | The USDA offers rural business enterprise grants and |
| business plan to show the lender, and convince them | | | | rural business opportunity grants to entrepreneurs in |
| that lending to you carried minimal risk of default. | | | | rural areas. It also offers guarantees to local banks to |
| Business Loans in Arkansas: | | | | extend loans to small businesses. |
| Let us look at some of the possible sources of funds | | | | 3) Arkansas Department of Economic Development |
| for small businesses in Arkansas. | | | | The Arkansas Department of Economic Development |
| 1) Small Business Administration (SBA) | | | | has an extensive loan program in place for small |
| The SBA runs loan programs all over the country, in | | | | businesses. It offers loans of up to $80,000 to local |
| collaboration with the state governments. Described | | | | entrepreneurs. The Arkansas Department of |
| below are three-loan programs run by the SBA in | | | | Economic Development also has a Bond Guarantee |
| Arkansas. | | | | Program that gives fixed rate, long-term loans to |
| 1.1) Loan Guarantee Program | | | | businesses from outside the state to relocate to |
| The Loan Guarantee Program steps in to help those | | | | Arkansas. |
| small businesses that cannot get loans from any | | | | Apart from the sources of business loans mentioned |
| other lending institution. | | | | above, you can also approach the Arkansas Planning |
| 1.2) CAPLines | | | | and Development Banks for EDA Revolving Loan |
| The CAPLines provides short-term loans related to | | | | fund, the Intermediary Relending Program, as well as |
| seasonal work or contract loans. | | | | private lenders in Arkansas. |
| 1.3) Development Company Loans | | | | You can go through the websites of the |
| This loan program provides small businesses the | | | | organizations mentioned above to get more |
| means to invest in immovable assets. | | | | information on business loans in Arkansas. If you are |
| 1.4) CAIP Loan Program | | | | still not sure how to find a business loan in Arkansas, |
| The CAIP applies to those counties in Arkansas that | | | | hire a small business consultant who will keep you |
| saw major job cuts after the implementation of | | | | updated on all possible loan sources in Arkansas. |