Joplin-based Sign Designs was awarded a $180,000 Missouri Linked Deposit Program loan July 19 by State Treasurer Clint Zweifel, who visited Joplin to present the loan.
Commerce Bank commercial loan officer
Andy Perigo helped write the loan through the bank’s partnership with the treasurer’s office.
“The loan application goes through our standard approval process, but the applying business has to meet certain guidelines,” Perigo said at the check presentation. “Once they are approved through our process, we send the application to the treasurer’s office. It is not like a (Small Business Administration) loan because there are no additional fees.”
Zweifel said Sign Design’s application was processed through a 24-hour approval process called Harmed-area Emergency Loan Priority because of the business’ proximity to the May 22 tornado that hit Joplin.
“Sign Designs is receiving this emergency loan because it is critical to get investment into Joplin, and Sign Designs is committed to staying and keeping its 18 employees on board,” said Zweifel in a news release, noting the loan would save Sign Designs owner John Hipple Jr. and his team $12,000 during the next five years. “We are rewarding a strong local business that is working hard for (its) customers as they rebuild – including making temporary signage and helping dozens of customers repair or replace damaged signs.
“This is also a strategic loan because not only do we need to attract business to this side of the border, but we need to keep them here as well,” Zweifel added. “(Hipple) exports products to Arkansas, Kansas and Oklahoma, and keeps his employees in Missouri.”
Hipple said after the presentation that the application process was “simple,” and did not involve a lot of paperwork. He also said loan programs such as this one are “pivotal” for small businesses in the tri-state area as they try to remain solvent in the months and years following the Joplin tornado.
“As a company, we see a great need here,” Hipple said. “We’re going to rebuild Joplin, and this loan is critical to help that along.
“It’s something we absolutely need for expansion and to free up capital expenses, and more of our area businesses need to know about it.”
Through the Missouri Linked Deposit Program - in which borrowers generally save roughly 30 percent on the cost of the loan - Zweifel's office has issued more than $692 million in loans affecting more than 11,250 jobs since January 2009, according to the treasurer's office.[[In-content Ad]]
