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Get government loans to help with paying debt and bills.

There are several federal and state government sponsored loan programs available that can help pay for bills. Many of them are run in partnership with local non-profit agencies. The financial assistance, which often comes in the form of an interest free loan, is for families and individuals of all income levels, credit scores, and ages.

The money will be approved for paying only certain bills. The government backed loans will also tend to pay for certain, emergency expenses such as a car repair, furnace, home improvements, or maybe in some cases rent or utility bills. There may also be other programs for certain needs, but the funds will have requirements around them.

Loans from federal or state government

Local non-profit organizations can often serve as a resource for potential borrowers. Community Action Agencies often have information on government loans and some may even process applications to them. They will tend to be focused on more employment, housing, or energy related needs. Examples of what may be provided by a community action agency include the following.

Government loans may pay for home repairs. There may be funds to cover emergency expenses such as to pay for the repair of a heating or colling unit, including air conditioner or furnace. Another use of government money may be to make a home accessible for the disabled or elderly, and loans may pay for certain types of improvements.

Community Action Agencies may also have information on state or even local county government loans. As there are often non-profits that offer funds for paying for rent to stop an eviction, transportation including cars if they are needed for work reasons, school or educational needs, and similar expenses.

Loan programs may also be run by social service offices. The local government centers often provide a host of benefits to low income residents of the town or county. It may be the case that a cash loan is issued while the applicant waits on other forms of financial assistance, such as TANF or SSI disability to start up.




A local government office may be able to offer the following types of support. There may be cash loans for the disabled, as it can take months if not years for an application for disability to be approved. The funds will help them pay for everyday needs, ranging from medical costs to housing, food, and more.

The elderly often also need support. There may be a stretch of time in which they are waiting for a pension or social security benefit to start. Therefore the local government human service office may have information on loans to help seniors pay their bills while they wait.

While many of the government loans may be flexible in who is assisted, there may be instances in which a program does not exist or an application was denied. Maybe the applicant’s credit score was so poor, or their income did not support them borrowing money. When this occurs there are other loan programs to try as well.

A wide variety of lenders may be able to offer help. Some, such as community action agencies and charities, work with local government loan programs. Other lenders may work independent of the government, and they include credit unions, faith based groups and others. Find a listing of resources for lower income borrowers that may need a loan.

Details of loans from America's Recovery Capital (ARC)

The federal government has an assistance program that will connect troubled businesses and others with interest-free, deferred-payment loans of up to $35,000. The program, called America's Recovery Capital (ARC), is a result of government funding that was issued to help small to mid size business owners as well as entrepreneurs. These loans can be used to pay for mortgages, credit card debts or bills, lines of credit, capital leases, utility bills, or even notes payable to creditors or vendors. So the program is flexible in what type of obligations can be paid using the funds.





Those who take advantage of this government debt reduction program do not have to start paying the money back to their lender for a 12 month period of time. The loans being issued will also have lower interest rates, longer repayment terms and also allow more flexible collateral requirements than standard bank loans. Also, read how the government is putting pressure on banks to offer additional credit card debt relief.

The exact terms of the repayment plan include : borrowers can use the government ARC loans to make payments for up to six months on their existing debt, with absolutely no repayment due on the loan for another year. After that one year timeframe has expired, the business has a total of five years to pay back the principal on the funds they borrowed. During this timeframe the government will pay for the interest payments attributed to the financing that was issued.

In addition to the interest free loans, the federal government will temporarily eliminate SBA charges, such as the loan origination and other fees. This will save borrowers, even lower income ones, a significant amount of money. The regulations will also create new tax benefits as well as advantages for businesses that take out SBA-backed loans.

In addition to ARC, some related programs that have already been in effect have also been expanded. For example, small businesses that need surety bonds to bid on and compete for service or construction contracts can now also qualify for SBA-backed surety bonds of up to $5 million. There may also be some cases in which a borrower can receive up to $10 million, which is more than twice the previous $2 million maximum that they were able to previously receive.

Still, arguably the number one feature of the government program that is being provided to consumers is that borrowers can use the interest free loans for relief from virtually any other business debt. The money issued to the borrower can be used to pay for such expenses as a home equity loans used to finance business operations or a commercial mortgage or lease. The funds can also be used to pay down other bank or financial institution loans that were made outside the SBA program. Examples of this may be notes payable to suppliers, liens, and even such expenses as credit card debt.

This last item is a key feature of the new form of financial aid being offered. As an example of what can be done, borrowers can use the government ARC loans to cover payments on their personal credit cards if the money was borrowed on their cards for business expenses.

It is currently estimated that thousands of deferred-payment loans will be authorized to provide help to qualified applicants. This form of cash assistance is being offered from the America's Recovery Capital on a first come, first serve basis to qualified applicants. The loans will be originated by traditional banks and lenders, but they will be guaranteed by the SBA. This helps makes the funding more available to the borrower in question.





In almost all cases the government interest free loans are getting approval from banks and lenders. Even applicants with limited credit scores or history are being issued funds. The approval rate is high because the lenders know how the program works and what exactly the federal government is looking for. Another key reason that this form of financing is being approved by banks is that after all, the risk is lower to the lenders as there are federal guarantees in place. This means that the banks can make money, and both banks and the federal government want to see a good business succeed. Call your local bank or lender, or visit for more information. Or dial 1-800-827-5722.


By Jon McNamara

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