Missouri small businesses are quick to respond to the start of the new Small Business Loan Program. "Extremely signifant" response says spokesman John Fougere with the Department of Economic Development, "Brisk."
It’s a two-million dollar loan program for businesses with five or fewer employees. The companies can borrow 25-hundred dollars to 25-thousand dollars. Payback at three percent interest can be spread through ten years.
Fougere says many of the borrowers cannot get the capital they need the usual way. "Some of this seed money for items like computer software or hardware and other basic equipment is very important to a small business that is starting up. That’s where we want to step in," he says.
Fougere says small businesses will be catalysts for new jobs and will help turn around the economy.
The deadline for applying for the loans is June 26th. A business plan has to be part of the application. If more money is requested than is available, the Economic Development Department will hold a lottery to pick recipients of the loans.