Low-interest fund aids small business

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Gov. Bob Holden has announced the creation of the Grow Missouri Fund, a low-interest revolving loan program for small businesses in the southeast and south-central regions of the state, according to a March 28 news release.|ret||ret||tab|

Grow Missouri is a partnership between the Missouri Department of Economic Development, the city of Cape Girardeau, 29 Missouri counties designated as part of the federal Delta Regional Authority, regional planning commissions in the area, and the National Development Council. |ret||ret||tab|

The Delta Regional Authority comprises the following Missouri counties: Bollinger, Butler, Cape Girardeau, Carter, Crawford, Dent, Douglas, Dunklin, Howell, Iron, Madison, Mississippi, New Madrid, Oregon, Ozark, Pemiscot, Perry, Phelps, Reynolds, Ripley, Scott, St. Francois, Ste. Genevieve, Shannon, Stoddard, Texas, Washington, Wayne and Wright. |ret||ret||tab|

The fund will be capitalized with Community Development Block Grant funds designated by the state and will make use of the not-for-profit loan guaranty license held by the National Development Council. The loan pool will complement the existing lending market by helping to make business loans viable that otherwise would not be possible. |ret||ret||tab|

Holden appointed the commission, which is being chaired by Southeast Missouri State University President Kenneth Dobbins. The commission is an inter-agency effort that will focus on finding new ways to solve the problems in the southeast region that have contributed to depressed economic conditions for many communities and high rates of poverty for some citizens.|ret||ret||tab|

One of the tasks of this commission will be to develop a plan for the counties designated in the Delta Region. Federal legislation passed in 2000 created the Delta Regional Authority, which is a partnership serving 236 counties in eight states. |ret||ret||tab|

Holden commended officials from the city of Cape Girardeau for agreeing to serve as the lead agency for the program. |ret||ret||tab|

Small businesses with fewer than 500 employees located in counties that are part of the Delta region are eligible to apply for funds. Loan proceeds can be used for most business needs including inventory, machinery and equipment, debt payment, working capital, real estate, or the purchase of an ongoing business. Staff from regional planning commissions will assist businesses in preparing applications.|ret||ret||tab|

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