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Tuesday, December 28, 2010

Missouri Increases Small Business Loans to $50,000...$800,000 Remains Available


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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. Larger businesses also are now eligible.
The Missouri Development Finance Board approved the changes to the state's Small Business Loan Program this morning. The loans -- which are approved by the Department of Economic Development -- can be used for capital and operational needs.
The program launched in April 2009 with a total of $2 million available. Through the state's fiscal year, which ended in June, 48 small businesses borrowed between $5,000 and $25,000, and about $800,000 remains available.
In addition to doubling the amount available per applicant, businesses with up to 15 employees now are eligible for the loans that have a 3 percent interest rate from the previous 5 employee limit. . Click Here for more info.

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