Arkansas Quick Action Loan Program

The Quick Allocation Closing Fund allocation will prioritize companies that are in the supply chain of essential goods and services, including healthcare, food manufacturers, and logistics. The allocation from the Attorney General will support small businesses. The program includes both loan guaranties and direct lending to businesses.

Loan information:

  • AEDC will guaranty up to 80% of the principal balance of a loan issued by a lender participating in the program
  • The amount of AEDC’s guaranty is capped at $250,000
  • Loans are at zero interest and may be amortized for up to two years
  • Loans issued directly to borrower by AEDC
  • Borrower must demonstrate that it has been adversely impacted by the health emergency
  • Proceeds may be used for working capital, inventory, payroll, and other uses that facilitate the continuation of business operations
  • Borrower will be subject to the lender’s customary underwriting and collateral requirements
  • Loan amount may be amortized for up to 5 years
  • Initial payments may be deferred for up to 90 days at the option of borrower and lender
  • Payments may be deferred for up to 6 months following closing on the loan
  • Borrower and participating lender must sign loan guaranty agreements with AEDC, which will include job retention requirements for the borrower.

Requirements:

  • Borrower must demonstrate to AEDC that it has no other satisfactory financing options available to it through commercial lending or through other government programs such as the SBA Economic Injury Disaster Loan Program
  • Borrower must demonstrate that it has been adversely impacted by the health emergency
  • Borrower must satisfy AEDC’s financial underwriting requirements. • Borrower must agree to job retention requirements.

There does not appear to be an online application. Applicants should contact via email at COVID19.businessinfo@arkansasedc.com or by phone at 501-682-1121 or toll-free: 1-800-ARKANSAS

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Arkansas residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance