Areas Served: St. Louis County
Oftentimes, small contractors encounter difficulty in obtaining bank loans to finance working capital for construction, manufacturing or service contracts due to a number of factors such as the project size or the contracting company is inexperienced and/or undercapitalized.
St. Louis County Economic Council does not lend under this program.
It provides the guaranty for up to 90 percent of the bank loan, with the guaranty not to exceed $50,000 and a minimum guaranty of $5,000. The Contractor Loan Guaranty 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 disadvantaged – Business has obtained an executed contract Use of Loan Funds – 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 – Supplying goods and/or materials to St. Louis County government under a competitive bid process
Contact InformationSt. Louis County Economic Council
Address: 121 Meramec, Suite 900
City: St. Louis
State: Missouri
Website:
http://www.slcec.com/speciaty-business-loans.html?phpMyAdmin=4b28e9d0ec421f1fd4dce2558db0b277#contractor
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