Despite some criticisms of the SBA's new America Recovery Capital program, Dupaco Community Credit Union said it believes the loans will bring much-needed assistance to members.

The ARC program, which offers loans up to $35,000, has a 100% SBA guarantee, charges no interest and has deferred payments, has only funded 139 loans totaling $4.6 million since its debut on June 15. Some lenders have criticized the program's underwriting expenses and consequences if a borrower defaults.

The $621 million, Dubuque, Iowa-based Dupaco Community is not deterred. Its staff attended two ARC training sessions and mailed out information to a list of business members who might be interested in the program, said Steven Baumhover, vice president of business lending and development at the credit union.

"In the past week, we have been receiving phone calls inquiring since SBA has started to promote the program," Baumhover said. "I am not sure how other credit unions will embrace the new SBA program, but based on my knowledge [of it], I believe it can help their members as well."

Baumhover said Dupaco has offered SBA loans for more than five years and was the first credit union in Iowa to fund one of the agency's Patriot Express loans for military veterans.