SLCEC Business Finance Division
Financial Products and Services for Business
Our specialty loan programs offer a variety of finance options covering Contractor Guaranty, Brownfields Cleanup/Reclaimation, Solid Waste Recycling, Community Development and Revolving Loans for Enterprise Center (incubator) Clients.
Contractor Loan Guaranty Program
Small contractors frequently encounter difficulty in obtaining a bank loan to finance working capital for construction, manufacturing or service contracts—either the project is too small or the contracting company is too inexperienced and/or undercapitalized to secure a bank loan for working capital. SLCEC does not lend under this program—it provides the guaranty for up to 90% of the bank loan, with the guaranty amount not to exceed $50,000. Minimum guaranty amount is $5,000.
The Contractor Loan Guaranty Program enables contractors to finance the estimated cost of labor and material needed to perform a construction, manufacturing or service contract.
Eligibility Requirements
- Business or business owner(s) must live in St. Louis County
- Business must have realized annual gross revenues of not more than $3 million, average over last two years
Business must be minority owned and operated, and/or be disadvantaged
- Business has obtained an executed contract
Use of Loan Proceeds
- Direct expenses of immediate construction and/or rehabilitation of residential or commercial structures
- Cost of materials, equipment and labor in fulfilling a manufacturing or service contract; or
- Supplying goods/materials to St. Louis County government under a competitive bid process
Brownfields Cleanup Revolving Loan Fund
The Brownfields Cleanup Revolving Loan Fund may be used for environmental cleanup — typically to provide gap financing in redevelopment projects or in connection with pre-development activities (e.g., site assembly preparation and/or infrastructure).
Eligibility Requirements
- All loan fund proceeds MUST be used in St. Louis County
Business Benefits
- Financing ranges from $10,000 to $75,000
- Funding flexibility for your growing company
St. Louis County Recycling Loan Program
The St. Louis County Recycling Loan Program provides low interest loans to encourage the development and use of materials recovered from solid waste in manufacturing operations and other businesses.
Eligibility Requirements
- Individuals, businesses and non-profit organizations currently
operating in St. Louis County, or will be operating in St. Louis County
as a result of the project
- Project must occur in St. Louis County
- Project must be based on a technology which has been demostrated beyond the research stage, be technically feasible for full-scale operation, and comply with all applicable environmental, safety and legal requirements
- Project must result in the final processing or conversion of recovered materials into industrial feedstock, or the manufacturer of products from those feedstock
Use of Loan Proceeds
- Working Capital
- Machinery and Equipment
- Conversion costs of existing equipment to use recovered
materials in the manufacturing process
- Reasonable related costs associated with the two aforementioned
fund uses (equipment design or installation, etc.)
Business Benefits
- Loan amounts range from $25,000 to $150,000
however, if legitimate need is presented for a greater loan
amount, SLCEC reserves the right to increase the limit
- Loan program funds may be used with, and in some instances subordinated to— other loan funds (such as a bank)
- Generally, the interest rate will not exceed the prime rate and may be significantly lower—depending on the project's contribution to the program's objectives
- Loan term, typically is 5-10 years, is commensurate with the type of assets being financed
Eligible Materials
- Most materials currently accepted at sanitary or construction/demolition landfills are eligible for consideration. Recovered materials include post-consumer materials, industrial scrap materials, and overstock and obsolete inventories, which would normally go to a landfill.
Ineligible Materials
- Recovered metals; white goods; materials and by-products generated from, and reused within, an original process (such as mill broke); and materials disposed of at a hazardous waste landfill or materials considered to be hazardous (lead, acids, solvents, etc.
Enterprise Center Revolving Loan Program
The Enterprise Center Revolving Loan Program provides short-term (1 - 5 years) loans to St. Louis Enterprise Center Client Companies to finance a variety of items and needs such as inventory and working capital.
Eligiblity Requirements
- Business must be a client company at St. Louis Enterprise Center-South County or St. Louis Enterprise Center-West County or, if located at St. Louis Enterprise Center-Midtown, the personal residence of the majority owners must be located in St. Louis County.
- Business must be unable to secure financing from a bank or the SBA
Note: The loan may be called due at the option of SLCEC if the business leaves St. Louis Enterprise Centers.
Use of Loan Proceeds
- Working Capital
- Inventory
- Machinery and equipment (new or used)
- Accounts Receivables
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