Financial assistance available to Stockton businesses

Stockton businesses damaged by the May 4 tornado can seek financial assistance in rebuilding, expanding or relocating within Stockton city limits through the Stockton Community Development Corporation.

SCDC, formed in August in the aftermath of the devastating tornado, has $575,000 available, $400,000 of which comes from a state Community Development Block Grant. Seven private SCDC investors contributed the remaining $175,000.

Nearly 80 small businesses in Stockton were damaged or destroyed by the storm, according to an SCDC news release. Qualified small businesses can receive SCDC funding on more flexible terms than typically available through banks. The SCDC loans may finance the gap between total project costs and funds available through traditional lenders and owner's equity, the release said. Repayment of such loans will allow future loans to be made for Stockton small businesses.

"Small businesses are the backbone of Stockton's economy. These flexible, below-market-rate funds will help businesses that are important to our town's future and need a little help to get going," said Brian Hammons, president of SCDC and CEO of Hammons Products Co. in Stockton. "The SCDC and its initial funding is a great example of public and private sectors working together to help rebuild Stockton."

Investors to the fund are four banks with a presence in Stockton: Citizen's Home Bank, Great Southern Bank, Liberty Bank and Mid-Missouri Bank; and three Stockton businesses: Hammons Products Co., Superior Gearbox Co. and Stockton Nursing Home.