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Issue: 1063 Date: 1/6/2011
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Missouri increases small business loans to $50,000
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In an effort to drum up more interest in the state's small-business loan program,businesses can now borrow $50,000, double the amount previously available. Largerbusinesses also are now eligible.
The Missouri Development Finance Board approved the changes to the state's SmallBusiness Loan Program on Tuesday. The loans - which are approved through theDepartment of Economic Development - can be used for capital and operational needs.
The program was launched in April 2009 with a total of $2 million available. Through thestate's fiscal year, which ended in June, 48 small businesses borrowed between $5,000and $25,000, and about $800,000 remains available.
In addition to doubling the amount available per applicant, businesses with up to 15employees now are eligible for the loans that have a 3 percent interest rate, said BobMiserez, executive director of the board.
Previously, only businesses with up to 5 employees were eligible.
"We wanted to increase the amount available and increase the number of employees toencourage increased usage of the program," Miserez said in a phone interview. |
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