INFORMATION REGARDING PPP LOANS – What we know as of today 1/20/2021
ACC is now accepting First Draw and Second Draw PPP Loans through our online portal. If you are already a PPP borrower, we will be forwarding a link to you via firstname.lastname@example.org. If you did not obtain a PPP loan through us previously, please send an email to email@example.com requesting a link. Attached are instructions that we hope will help facilitate the process. A major change that we’ve noted is the loan calculation is generally based on calendar year 2019 or calendar year 2020 and requires tax forms of some variation. It is our understanding the internal records, such as statements prepared through Quickbooks, is generally not sufficient for this round of PPP for purposes of calculating the loan amount. They are permitted for illustrating revenue reduction, but must be signed on the first page attesting to their accuracy and initialed on all other pages if they’re unaudited financial statements.
As of 1/15/2021
Arkansas Capital Corporation (ACC) will be a facilitation lender for the next Round of the Paycheck Protection Program (PPP). This Tuesday Jan.19th 2021 we are anticipating our Lender portal to be open and ready to start sending out application links from our portal for you to fill out the required PPP information for the SBA as well as our own required information. If you are a previous PPP borrower with ACC, the application for this round will be done online. ACC will send you a link to our portal for you to complete the application and the necessary documentation that is required to submit your app to SBA’s PPP loan program. If this is your first time to request a PPP loan through ACC, email us at firstname.lastname@example.org with the following initial information:
When we receive your information we will contact you by email or phone call letting you know that your information will be put into our portal (when it is up and ready) and a link will be sent to you to fill out the application online.
As of 1/10/21
We are waiting for final confirmation/direction from SBA concerning forms, execution and language for us to turn on our PPP portal for the next round of PPP lending. As soon as we have the direction from SBA we will turn our portal on for taking applications. Please keep referring back to our website as we will post any updates concerning this next round of PPP.
Initial Stimulus Information below:
As you may have heard, Congress has passed the long-anticipated stimulus package.
Now, that the President has signed off on it, the clock has started for government agencies to promulgate the rules and regulations associated with the legislation. Until these rules and regulations are released, we have no details. In the meantime, here are a few of the highlights related to PPP:
Once the rules are regulations, released, and Arkansas Capital has had time to review, we will make the determination of whether we can participate in the PPP lending program in 2021. It is our intention to do so absent a regulatory nuance that would keep ACC from participating. Please keep checking the website for updates.
Arkansas Capital is a community development finance company (CDFI) committed to revitalizing communities in Arkansas and beyond. Along with our affiliates, we offer flexible capital solutions to meet the unique needs of entrepreneurs, small businesses and other commercial projects underserved by traditional lenders. Our innovative financial products encourage startup and small business success throughout the state.
By partnering with banks or using our enhancement tools, Arkansas Capital provides unique loan products that bring small and medium-sized business new opportunities for financial support and future growth. Some of the benefits that our loans provide are more flexible underwriting, guarantees from SBA or USDA, longer amortization periods, lower fees and longer maturities.
The mission of Arkansas Capital’s Arkansas Economic Acceleration Foundation is to nurture people and ideas to generate future entrepreneurs. Our annual business plan competitions are renowned among education and business leaders as one of the most real-world, entrepreneurial learning experiences students can get while in school — as early as the fifth grade and at the collegiate level.
Arkansas Capital serves as the platform from which new opportunities are launched. We often partner with banks to provide long term, true amortizing loans to small and medium-sized businesses, which do not meet the requirements for traditional bank financing.
The Arkansas Economic Acceleration Foundation (AEAF) is a private, non-profit 501(c)(3) dedicated to education initiatives that foster the development of innovation and entrepreneurship within Arkansas. Established in 1999, AEAF continues to strive to generate future Arkansas entrepreneurs.
Our subsidiary, Heartland Renaissance Fund, LLC, (HRF) is one of the largest state-specific community development entities (CDE) and a multi-round recipient of the U.S. Treasury’s New Markets Tax Credit (NMTC) allocation. Since 2003, HRF has received over $200 million in federal allocation.
Pine State Capital, LLC, an affiliate of Arkansas Capital, is the operating entity of the Pine State Regional Center designated by USCIS of the Department of Homeland Security of the United States. We offer opportunities for successful foreign nationals seeking U.S. resident status.
Thanks to Arkansas Capital, we were able to continue the Bruno’s legacy in downtown Little Rock with much success!
A fellow entrepreneur introduced me to Arkansas Capital Corporation. With ACC’s faith in my ability and their financial support, I expanded Rosemont dramatically and added Rosehaven Cottages. Now, my only limits are my own imagination and courage.