St. Louis Economic Development Partnership BizSpotlight
St. Louis Economic Development Partnership's (STL Partnership) Business Finance division has won a Certified Development Companies (CDC) award from the Small Business Administration (SBA) for outstanding commitment to the 504 loan program. The SBA recognizes excellence in numerous areas, such as lending and supporting underserved communities. CDCs are certified and regulated by the SBA, and work with the SBA and participating lenders, which are often banks or credit unions, to provide financing to small businesses. The goal is to help small businesses grow and make an impact on a community's economic development. STL Partnership partners with the SBA and a bank or credit union to provide businesses with better financing options for their real estate or non-mobile equipment purchases. STL Partnership is authorized to make SBA 504 loans throughout the entire State of Missouri, as well as the Illinois counties located in the St. Louis metropolitan area. The Business Finance division at STL Partnership also offers specialty loans, industrial bonds and loans through the St. Louis EDA loan program for small businesses throughout St. Louis. To encourage economic activity and job creation in the region, STL Partnership provides specialty loans to existing businesses or qualified startups in the City of St. Louis and St. Louis County. Utilizing funds from federal agencies such as the Economic Development Administration (EDA), along with funds from local sources, the Partnership provides low-interest, subordinated loans and can be an essential part of the capital stack to make your business expansion a reality. Loan funds may be used for working capital needs and the purchase of inventory, equipment, machinery, real estate, and other fixed assets. Industrial Revenue Bonds are a low-cost, long-term program for manufacturers, 501(c)3 organizations, multi-family housing developments, and special taxing districts to purchase fixed assets such as land, real estate, and/or new equipment. Through the St. Louis County Industrial Development Authority, an organization can issue tax-exempt bonds for projects over $2,000,000 for up to a 30-year amortization. The St. Louis EDA Loan Program is an option for for-profit businesses located in St. Louis City and St. Louis County that have been turned down for traditional funding or are working with a bank or credit union for funding. Loan funds may be used for working capital needs and the purchase of inventory, equipment, machinery, real estate, and other fixed assets. The amounts can range from $30,000 to $150,000. To learn more about STL Partnership's financing options, visit stlpartnership.com/business-finance or email Darrell Scott, vice president of Business Finance, at dscott@stlpartnership.com.
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