SBA announces emergency funding for small businesses

Reuters reports:

The U.S. Small Business Administration today announced a new emergency bridge-lending program geared toward helping struggling small businesses ride out the current recession.

Calling it another "tool to our toolbox" SBA head Karen Mills said the new American Recovery Capital (ARC) program will offer "viable" small businesses temporary six-month loans of up to $35,000.

"We expect these loans to be in high demand," said Mills, who made the announcement as part of her keynote address at the National Small Business Week conference.

The TARP mindset.