Lynn EDIC recovery loan workshop Thursday

LYNN – Lenders across the country are dispensing millions of dollars in capital to small businesses as part the America’s Recovery Capital loan program and the Lynn Economic Development and Industrial Corp. is holding a workshop to show local business owners how to take advantage.On Thursday, March 11, the EDIC Board of Directors on behalf of Mayor Judith Flanagan Kennedy will hold an ARC Loan Information Workshop at City Hall, facilitated by Eastern Bank.The event in room 302 is open to the public and begins at 10 a.m. Robert Nelson, district director of the U.S. Small Business Administration, will deliver a presentation.Created under the American Recovery and Reinvestment Act, the temporary ARC loan program offers deferred-payment loans of up to $35,000. The loans provide short-term relief to viable, for-profit small businesses, helping them make payments on existing, qualifying loans.The goal of the program is to aid businesses facing immediate financial hardship, helping them ride out the current uncertain economic times and return to profitability, said EDIC Executive Director James Cowdell.ARC loans are interest-free to the borrower, 100-percent guaranteed by the SBA to the lender, and have no fees associated with them. Loan proceeds are provided over a six-month period and repayment of the ARC loan principal is deferred for 12 months after the last disbursement of the proceeds. Repayment can extend up to five years.Each small business is limited to one ARC loan. Loans are available until funds run out or until September 30.For more information, contact Cowdell at 781-581-9399.