St. Louis County Economic Council brings forth beneficial program
Viploan.co.uk
January 9, 2010
by Rob Davis
There is no doubt in it that this is a new beginning on the part of St. Louis County Economic Council as the famed St. Louis County, Missouri's economic development agency has brought forth a new program intended to help small businesses gain access to credit. It has been learnt that the alleged BOOST loan program will render an option to the Small Business Administration's popular 504 loans and is geared toward small firms that wish for to expand in St. Louis County.
To make the same an everlasting success, St. Louis County, it has also been learnt, is partnering with PNC Bank to provide $5 million in lending -- in loans of up to $500,000 -- to pay money for or build buildings, land, equipment or machinery in St. Louis County.
The program, to a great extent, is similar to SBA 504 loans that have need of borrowers to get half of their financing through a bank. However it carries no income requirements or prepayment penalties, and borrowers can prefer either a fixed or floating interest rate.
"With the credit crisis and small-business owners having difficulty in obtaining financing, BOOST comes at an opportune time," said County Executive Charlie A. Dooley. "It provides borrowers with a viable option that\'s not hampered by bottlenecks, red tape and high costs."
St. Louis County Economic Council serves as St. Louis County, Missouri's economic development agency. Part public entity and part private sector, the Economic Council drives growth and prosperity in the most economically important county in Missouri. Being the only economic development agency in the State of Missouri to hold the esteemed Accredited Economic Development Organization from the International Economic Development Council, the Economic Council provides a broad range of services through its six divisions - more than most other economic development agencies.
