Applications available for Missouri Small Business Loan Program

Missouri businesses can now apply for the state's Small Business Loan Program, created by Gov. Jay Nixon on his first day of office in January.

The Missouri Development Finance Board approved the $2 million microloan program in April.

Missouri businesses with five employees or fewer can apply for loans of between $2,500 and $25,000, according to a news release from Nixon's office. The loans are typically repaid over a 10-year term at a 3 percent interest rate.

"Beginning today, small businesses across Missouri can begin applying for this much-needed resource," Nixon said in the release. "This pool of funds will help those businesses thrive and jumpstart our economy."

Eligible applicants must submit a business plan as part of the process. Applications can be downloaded at the Department of Economic Development Web site, at the link below.

All first-round loan applications should be postmarked by June 26 or delivered in-person by 5 p.m. June 26.[[In-content Ad]]