Investing in Small Businesses for 30 Years
St. Louis Small Business Monthly
May 2011
By Julia Paulus
For over 30 years Richard Palank has made it his mission to help small-business owners gain the capital they need and, in turn, support the growth of the entire business community. Palank's interest in small business has been with him since the beginning of his career, before he ever knew he would spend three decades working with the region's entrepreneurs.
"I used to be a buyer for Famous & Barr, now Macy's," says Palank. "I always had the goal of starting my own business. When I left Famous & Barr, I had my own Hallmark stores."
Maintaining his interest in small business, Palank began teaching a course in small business and entrepreneurship at the University of Missouri-St. Louis. "When the Small Business Development Corporation (SBDC) left UMSL, I was out of a job without the contract," says Palank. "At that time, in January of 1981, I signed on with St. Louis County to run the then-brand-new SBA 503 loan program. It was perfect because I wasn't running my own business, but I was still helping small businesses succeed."
Ever since Palank joined the county, he has been dedicated to finding new and meaningful products for entrepreneurs. "Under Rick's leadership, the Business Finance Corporation (BFC) of St. Louis County financed the second SBA 503 loans in the U.S. Rick serves as president and CEO of BFC and has made over 450 SBA 503 and 504 loans totaling $150 million in loans and over $407 million in total project costs," says Judy Meador, the association manager of Missouri Venture Forum, former publisher of St. Louis Small Business Monthly and Palank's nominator. "Nearly 6,000 jobs have been created as a result of these loans."
Palank also has led or created programs including the Saint Louis Business Development Fund, the Saint Louis Private Fund, and the St. Louis County Economic Council's BOOST Loan Program and business plan competition and serves as president and CEO of the Industrial Development Authority, which since 1979 has issued more than 500 bonds totaling over $1.9 billion. "It's a matter of finding new and better ways to help small-business growth in our region," says Palank.
Of all Palank's accomplishments over the years, he says starting the business development fund has been the greatest. "Even though it has been around since 1994, it is still important to the region, and I believe it will keep growing," he says. "It's applicable to the entire region because businesses in St. Louis County and two driving hours in any direction can use it."
As the senior vice president of business finance for the St. Louis County Economic Council, Palank's vision for funding programs continues to expand, and he is currently fostering multiple new initiatives. "My hope is to continue to work on products and services that will help grow small businesses and the community," he says.
The first of Palank's latest initiatives should be announced within the next few months, he says.
