Areas Served: Projects can only be in a non-entitlement area – a city under 50,000
Provides a loan to certain types of for-profit companies in Missouri that need funds for start-up or expansion and have exhausted other sources.
ELIGIBLE AREAS Projects can only be in a non-entitlement area – a city under 50,000 in population or a county under 200,000 in population.
ELIGIBLE APPLICANTS Cities and counties must apply on behalf of beneficiary companies.
For-profit manufacturing, processing and assembly companies that will have wages above the county average and provide medical benefits are prioritized.
PROGRAM BENEFITS/ELIGIBLE USES The purchase of new machinery and equipment, working capital, building acquisition and/or construction land acquisitionare eligible.
Refinancing, pay out of stockholders, buyouts or lines of credit are not eligible.
FUNDING LIMITS The business must have exhausted other funding sources.
Only the least amount needed to complete the project may be provided.
Lesser of $750,000 per project; 40% of the total project cost; or $25,000 per new job.
Interest Rate: Determined by DED.
Term: Three to ten years.
Collateral: Depends on the predictability of the cash flow.
The loan may be in a subordinate collateral position to the primary lender at the sole discretion of DED.
Contact InformationRural Missouri, Incorporated
Address: 301 West High Street, Room 770
City: Jefferson City
State: Missouri
Website:
http://missouridevelopment.org/topnavpages/Research%20Toolbox/BCS%20Programs/Action%20Fund%20Loan.html
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