If your small business is facing difficulty paying expenses during these economic times, the U.S. Small Business Administration has a new loan program that may be of assistance.

In a speech Monday, SBA head Karen Mills announced that the agency would back loans of up to $35,000 administered through the America’s Recovery Capital (ARC) Program, which was authorized in February’s American Recovery and Reinvestment Act (the “stimulus bill”). The program’s purpose is to assist businesses with good track records facing “immediate financial hardship.” Business owners would have five years to repay the loan, with the first payment not due for 12 months.

Banks will receive detailed guidelines from the SBA by June 8. Applications for ARC will be accepted beginning June 15.

For further details, please see the SBA’s ARC Program webpage.