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| INTRODUCTION |
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It appears, to the average person, there is a litany of financing options available for small business. The problem is understanding the best option for your long term growth needs.
Business finance can be a very complex matter. Determining the appropriate use of loans, equity and bonds can affect the very life matter of your operations.
That is why so many companies turn to the Business Development Finance division of the St. Louis County Economic Council. We have the expertise and experience to help guide customers through the maze of financing options.
This newsletter provides ample proof of the impact we can have on a project, no matter its size.
More importantly, SLCEC has the best industry contacts to assist a company review its entire portfolio for business growth and expansion.
To find out more about the opportunities that await you, contact the St. Louis County Economic Council to see how we can be a partner for your success.
Rick Palank
Senior Vice President
Business Finance Division
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| BUSINESS DEVELOPMENT FUND WELCOMES NEWEST SHAREHOLDER |
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| QUEST GRAPHICS PRINTS UP NEW REVENUES THROUGH |
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Based in Maryland Heights, Quest Graphics is a full-service commercial printer providing complete prepress, printing, finishing, and fulfillment services, as well as sales, estimating, and consulting.
Citing a need to purchase new equipment to increase its business, the company investigated a number of options to help finance their capital needs.
Quest President, Dan Cribbin, discovered tax-exempt bonds through the St. Louis County Economic Council would be a solid financial investment for their company to utilize.
Cribbin remarked, “We are extremely pleased that our cost of funds for tax-exempt bonds is approximately 300 basis points below prime.”
The St. Louis County Industrial Development Authority issued $3,800,000 in bonds that were purchased by People’s Capital and Leasing Corp. |
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| INTERNATIONAL MULCH PROTING ENVIRONMENT THROUGH EXPANSION |
Bridgeton based International Mulch Company has become recognized as a leader in recycled rubber products for residential and commercial groundcover applications. Its landscaping products, made from 100 percent recycled truck tires, beautify homes, businesses, parks and playgrounds across the country.
The seven year old company offers helps to alleviate the substantial environmental burden caused by discarded tire scrap. Since it first started, International Mulch has recycled more than 45 million pounds of truck tires.
“International Mulch has experienced the same obstacles that many rapidly growing companies face - finding capital without diluting ownership,” said Rick Palank, Senior Vice President of Finance with the St. Louis County Economic Council. “That is where we can help”.
The Saint Louis Business Development Fund (SLBDF) has made three investments in IMC, totaling over one-half million dollars, to meet its growing demand for capital. “The Business Development Fund is a great tool because it pools the resources of 23 area banks to address the needs of companies like International Mulch,” noted Palank, who serves as President and CEO of SLBDF.
In addition to the SLBDF investments, the St. Louis County Economic Council helped fund IMC’s building with a $940,000 SBA 504 loan.
“Growing companies, like International Mulch, find themselves under tremendous pressures when expanding,” Palank stated. “We were able to be a part of that success while helping the company maintain a strong balance sheet.” |
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| VENTURA VILLAGE APARTMENTS REBUILDS THROUGH TAX-EXEMPT BONDS |
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The Housing Authority of St. Louis County announced they recently acquired Ventura Village Apartments. The $29-million project is supported by $14 million in tax-exempt bonds and associated state and federal tax credits.
When rehabilitation is complete, the development will provide 352 fully remodeled garden apartments on 18 acres.
Ventura Village is located near the newly named Westfall Government Center at Northland Plaza in unincorporated St. Louis County. The St. Louis County Economic Council has been extensively involved in the redevelopment of Northland Plaza, now called Buzz Westfall Plaza on the Boulevard.
The tax-exempt bonds were issued by the St. Louis County Industrial Development Authority and underwritten by A.G. Edwards. US Bank is providing federal and state tax credit equity. EM Harris is the general contractor. |
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| RICK PALANK FEATURED IN ST. LOUIS CEO MAGAZINE |
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| SLCEC TO HOST OCTOBER SEMINAR ON TAX-EXEMPT BONDS |
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Looking for ways to increase your funding options while also saving on interest costs?
Then don’t miss our special seminar on Tax-Exempt Bond Financing. The program, hosted by the Business Finance Division of the St. Louis County Economic Council, will provide details of how bond financing works.
Presenters will demonstrate how bond financing is one of the best tools today to fund expansions and capital costs.
The program will be held 7:30 a.m. until 9:30 a.m., Thursday, October 18 on the 10th floor of the World Trade Center located at 121 South Meramec in Clayton.
Seminar co-sponsors are Armstrong Teasdale LLP and Stern Brothers & Company. |
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| ST. LOUIS COUNTY HEADLINES |
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