Veteran Receives Business Loan

1 decade 3 years 3 weeks ago Wednesday, July 11 2007 Jul 11, 2007 Wednesday, July 11, 2007 5:35:35 PM CDT July 11, 2007 in News

At Cornell Hall, Roger Stone is busy.

His company, Full Line Electric, is working on wiring in the basement. The new Patriot Express Loan Initiative, backed by the Bank of Missouri and the Small Business Admininistration, just gave his business a big boost.

"I take it as a great honor, being an ex-veteran," Stone said. "And for the business, it just gives me that stepping stone to get me rolling."

Working with the initiative, the Bank of Missouri approved a $60,000 loan for Stone's company. The program aims to help military veterans who own small businesses.

Bank of Missouri President David Keller said, "It's a time in our country where veterans have returned from active military service and are re-establishing themselves in the business community," Bank of Missouri President David Keller said. "And oftentimes have a lot of talent and technical skills, but are short on capital."

By working with banks and other money lenders, the Patriot Express Loan Initiative could provide millions of dollars to thousands of veteran-owned small businesses across the region.

Veterans own more than 14 percent of businesses in America.

"It's a lot of pride to see that the SBA and the Bank of Missouri is backing the veterans," Stone said. "It means a lot to me individually and to my company, and I know it will to the other small businesses in America,.

What will Stone do with his new spending cash?

Hire more manpower to take on more jobs.

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