Job One: Creating companies
St. Louis Post-Dispatch
Editorial by Charlie A. Dooley
June 12, 2010
"Can St. Louis Compete? Creating Companies" outlined the importance of entrepreneurship. Focusing on entrepreneurs is important to St. Louis County.
According to the U.S. Small Business Administration, privately owned companies are responsible for more than 55 percent of all private-sector jobs, more than 40 percent of domestic sales and more than 50 percent of our private gross domestic product. Almost 90 percent of the businesses in St. Louis County have fewer than 25 employees, but they comprise the vast majority of jobs and economic stimulus.
Startups face many challenges. In this economy, the road to success is steep. But St. Louis County has implemented programs resources and initiatives to help.
BOOST, reportedly the only program of its kind in the United States, provides low-interest loans to small-business owners, especially important now, when credit is tight. St. Louis County Economic Council's loan applications for fixed-asset financing have doubled over the past year.
Other special finance programs are available to entrepreneurs and have afforded success to many, including David Steward of World Wide Technology. In 1996, Mr. Steward received a $210,000 loan from the Economic Council. Today, World Wide Technology is the largest privately owned minority company in the nation.
Our 2010 St. Louis Regional Business Plan Competition, in partnership with Edward Jones, drew more than 225 applications and promoted entrepreneurship and the development of startup and early-stage companies.
Our four St. Louis Enterprise Centers provide entrepreneurs below-market-rate office and warehouse space, shared support services, access to mentors, professional seminars and valuable networking.
To further nurture early-stage companies, our Helix Center is scheduled to open in 2011. This early-stage plant- and life-science incubator will provide affordable lab space and access to expertise, amenities and specialized support to foster entrepreneurial success.
Our home-grown Fortune 500s are expanding, creating jobs and helping maintain our competitive edge. Companies such as Edward Jones, Express Scripts, Scottrade, Centene, Monsanto and Enterprise Rent-A-Car provide high-paying jobs and a great quality of life for our citizens and business opportunities for our smaller companies.
We're working on economic development initiatives and programs in every corner of the county and need everyone's help to help our businesses, especially entrepreneurs, succeed. We are fortunate to have entrepreneurs with great talent and remarkable resilience committed to St. Louis. In turn, we must show our commitment to them. This winning approach will generate future Fortune 500s and breed new ground for innovation, talent and growth.
Can St. Louis compete? Yes, we can. We are.
Charlie A. Dooley -- Clayton St. Louis County Executive
