The Missouri Department of Economic Development (DED) contracts for the administration of a micro-lending program to assist Missouri’s small business owners with the creation, expansion and retention of their business enterprise, located in the St. Louis and Kansas City urban areas.
PROGRAM BENEFITS/ELIGIBLE USES Funds may be used to: – Start a new business – Purchase business equipment, inventory, working capital, acquisition of business assets or other expansion purposes of an existing small business – Provide an equity match for leveraging a commercial loan – Secure lines of credit or gap financing from a conventional commercial lender Funds may not be used: – To retire other debt – For owner’s salary – As down payment on real estate – For the payment of taxes – For intra-state relocations – For buyouts of existing businesses – For payouts to existing shareholders FUNDING LIMITS The loan amount cannot exceed 50% of the borrower’s total financial need.
Loans range from a minimum of $10,000 to a maximum of $100,000 per business.
Missouri Department of Economic Development
Address: 301 W High St, Room 779
City: Jefferson City