Areas Served: Statewide Missouri
Small Business Loan Program DED/MDFB Guidelines Loan Program Parameters: 1. The loan program is statewide; 2. The total original loan pool is $2M; 3. The interest rate is 3 percent; 4. The terms are typically 10 years or less but may be adjusted for adequate debt coverage.
Loan repayment is quarterly principal and interest payments; 5. Payments may be auto debited from a checking or savings account; 6. The minimum loan amount is $2,500 and the maximum loan amount is $50,000; 7. The number of loans per household may be limited to 1; 8. The applicant must employ 15 or fewer employees, including the owner; 9. The company must be 100 percent Missouri owned and 100 percent Missouri located; 10. The company must be registered with the Secretary of State in good standing; 11. The company may not be a retail or gambling entity, a check cashing service (unless associated with a bank), a pawn broker service, resale of donated or used goods, liquidation sales, day labor services, job training services, sale or distribution of alcohol or tobacco products, web based or print newspapers or magazines, speculative real estate, radio or television stations.
The owner may not be employed by the State of Missouri; 12. Loan proceeds may be used for working capital, inventory, equipment purchase, real property improvements (owned by borrower) but cannot be used for refinancing of existing debt or outstanding debt payments.
Contact InformationMissouri Department of Economic Development
Address: 301 W. High Street, Rooms 720
City: Jefferson City
State: Missouri
Website:
http://www.missouridevelopment.org/topnavpages/Research%20Toolbox/BCS%20Programs/MOSmallBusinessLoanProgram.html
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