SBA Offers Aid to Cash-Strapped
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The emergency loan program launched in the past week by the Small Business Administration is designed to give established businesses some breathing room to pay principal and interest payments on existing debt.
Borrowers, however, may find it difficult to find a bank that is providing the “America’s Recovery Capital” interest-free loans.
Some big lenders including Bank of America Corp., KeyCorp’s Key Bank unit and Toronto-Dominion Bank, or TD Bank Financial Group, are still on the fence about participating, citing concerns about heavy paperwork and strict rules on applicant eligibility.
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