Areas Served: St. Louis City
The St. Louis Local Development Co.
(LDC) has the ability to provide direct, low interest subordinated loans for working capital, machinery and equipment, purchasing land and buildings, renovation and construction of facilities and leasehold improvements.
Eligibility – Your business must be located in the City of St. Louis and be licensed to do business in the City.
– There must be at least one full-time job created/retained for every $10,000 of RLF funds.
– Ineligible uses include speculative real estate ventures, franchise fees and refinance.
– Approval by the LDC board is required.
Applicants must submit full application and supporting documentation including a bank commitment letter to the LDC staff.
– Contact the Business Development staff for a schedule of meetings and deadlines.
Approved projects are generally funded 4 to 6 weeks after board approval.
Benefits – RLF loans can provide up to 30% of project costs with a maximum of $150,000 ($75,000 for restaurant businesses) based on the business classification.
– Actual RLF loan amounts are determined by the projected number of jobs to be created over a 2 to 3 year period.
RLF loans will be collateralized to the fullest extent possible and require the personal guaranty of the principals.
Contact InformationSt. Louis Local Development Co.
Address: City Hall 1200 Market Street
City: St. Louis
State: Missouri
Website:
http://stlouis-mo.gov/government/departments/sldc/economic-development/financing/rlf.cfm
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