State Doubles Small Business Loans

7 years 4 months 3 weeks ago Tuesday, December 28 2010 Dec 28, 2010 Tuesday, December 28, 2010 11:15:37 PM CST December 28, 2010 in News
JEFFERSON CITY - The Missouri Development Finance Board voted Tuesday to increase the max loan from $25,000 to $50,000. The board also changed the number of employees applicants can have from five to 15 people. Spokesperson for the state's economic development office John Fougere said the revisions will hopefully encourage more small businesses to apply for the loan program.

"With small businesses being the engine that drives our economy we think this is really important that our small business sector is strong and growing and prospering and we think this program can do that," Fougere said.

The state still has approximately $830,000 to loan out from this program. It started in 2009 with $2 million. Since then small business loan program lent
 to 46 businesses. One was Traditions in Woodworking owned by Chris Heston. Heston said the $25,000 loan helped him purchase new equipment and aid in his toy creation. Heston developed building blocks similar to Lincoln Logs with his son. He started selling them 8 months ago. However, he wishes the max loan would have been $50,000 when he applied.

"For the amount of paper work we had to do it would've been nice to have a little bit more money at a lower interest rate, but I'm still happy with what I got," Heston said.

Fougere encourages other small businesses like Heston's to take advantage of the loan program.

"We think it's something that every small business should consider because the health of our small businesses is extremely important to our overall economy," Fougere said. "We want to make sure they don't have those problems as far as access to capital."

For more information on applying for a small business loan visit the link above.

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