Economic council starts new funding programs
Central West End Word
March 7, 2011
The St. Louis County Economic Council on Feb. 9 announced new funding programs designed to aid local businesses.
The programs are made up of loans, bonds and private equity opportunities and range from $200,000 to $10 million. Funding varies from program to program, and can be used to upgrade or expand a facility; hire additional employees; invest in new technology; or provide working capital for manufacturing, retail and non-profit companies.
"Small and medium-sized business are the backbone of the St. Louis community," said St. Louis County Executive Charlie Dooley. "We must provide them with the tools and the funding necessary to expand and create jobs to spur our economic recovery."
Among the funding options is an SBA 504 loan, in which the company puts up 10 percent, the council supplies 40 percent and a bank lends 50 percent. The program offers a 20-year fixed interest rate, which allows businesses to control costs.
According to the council, several St. Louis-based companies -- such as the Ronald McDonald House, Schlafly Bottleworks and E-Sponder -- have already benefited from the funding programs. The council would like more local businesses to take advantage of the programs.
"We want to make sure every St. Louis business has an opportunity to prosper, hire and expand as we strive to grow our economy," said Denny Coleman, president and CEO of the St. Louis Economic Council. "We know that some businesses have had difficulty securing financing and that's why our programs are available."
