BOOST Loan Program
BOOST is an alternative loan program to the SBA 504 loan and features fewer eligibility requirements including no net worth, income size or personal liquidity limits. This innovative program is for businesses expanding within St. Louis County and is available for the purchase or construction of commercial, owner-occupied real estate and/or equipment. The program's other benefits include:
- Up to 90 percent financing
- Low floating interest rates
- Variable/fixed rate option
- No prepayment penalty for floating rate
Program Description
Like the SBA 504 loan program, the borrower's bank lends 50 percent of the total project cost, St. Louis County Economic Council lends up to 40 percent and the borrower injects 10 percent. The term of the BOOST loan is up to 20 years. The bank and borrower negotiates the term and interest rate. The bank loan is senior to the BOOST loan.
Eligibility Criteria
The BOOST loan program eligibility criteria are similar to the SBA 504 loan program. Applicants must be a St. Louis County business purchasing or constructing commercial, owner-occupied real estate and equipment.
Please call 314.615.7663 for additional information regarding eligibility.
Project and Loan Size
While there is no maximum project size, in most cases the maximum BOOST loan is $500,000. For projects exceeding $1,250,000, the participating bank loan would exceed 50 percent and/or the borrower equity would exceed 10 percent of the total project cost.
Interest Rates
The interest rate on the BOOST loan can be fixed or viable. Please review the BOOST interest rate chart for interest rate comparisons.
Variable Rate. The variable rate may change daily. There is no prepayment penalty at any time during the loan term.
Fixed Rate. A five-year fixed rate is available. There is a prepayment penalty for a portion of the loan term.
Loan Fees
BOOST loan fees include costs similar to those of other loan programs. Please download an application for a complete listing of fees.
Loan Application
The BOOST loan program is administered by St. Louis County Economic Council's business finance staff. The Business Finance Corporation of St. Louis County (BFC), a 501(c)(6) organization, approves all loans and has administered the SBA 504 loan program since 1981.
For more information, call 314.615.7663.
