Neeco-Tron gets assistance from development fund

From the St. Louis Business Journal. Tuesday, June 13, 2008
By Rick Desloge

Neeco-Tron Inc., a St. Peters company that designs and manufactures printed circuit boards and other electronic controls, hopes to lure $1.5 million in business from Mexico, said President Nick Nibert.

Nibert plans to invest proceeds of a $200,000 loan from the St. Louis Business Development Fund toward the effort -- using the funds to ramp up with additional salespeople and specialized electronics. For competitive reasons, Nibert declined to identify the potential assignment.

The loan is the fourth this year for the fund, a for-profit business headed by Rick Palank, which is administered through the office of the St. Louis County Department of Economic Development and owned by more than two dozen area banks. The fund is designed for companies that do not have strong enough balance sheets to extend their existing credit or take out a new loan. This year, the fund has made $1.47 million in loans.

Other firms receiving loans this year include: JJT Companies, which used a $250,000 loan to acquire McGuire Furniture Rental and Sales in January; Flower