Springfield car dealer receives low-interest loan from state

One Springfield company is among the first businesses to be awarded low-interest loans through the Missouri Small Business Loan Program.

A combined $250,000 has been awarded to 10 businesses, Gov. Jay Nixon announced Friday, leaving $1.75 million available through the program. The Missouri Department of Economic Development and Missouri Development Finance Board launched the program earlier this year to help small businesses weather the economy; loans between $2,500 and $25,000 are available to businesses with five or fewer employees and are to be repaid over a 10-year term at 3 percent interest.

Patterson Auto Group LLC, a used-car dealership at 3040-A W. Republic Road, will receive a $25,000 loan and is the sole Springfield business in the first round of recipients, according to a news release from Nixon's office.

Owner Darin Patterson, who just opened the business in June, said he hasn't received any official notification about the loan but was excited to hear about it through the media.

"I am ecstatic," Patterson said. "I'm hoping this $25,000 will not only get me more employees but will also get us through the hump through the winter and get our roots established."

In addition to an approximately 15-car lot, Patterson plans to introduce detailing and paintless dent removal services in October. He has two people on staff, including himself, and hopes to employ six within two years.

One other southwest Missouri business - Burke Timber, of Marionville, is among the loan recipients. The remaining eight are: Around the Table, of Eureka; Alva Allen Industries, of Clinton; Generator Studio LLC, of Kansas City; Flett Enterprises LLC, of Rolla; Busch Trucking and Excavating LLC, of Marthasville; Neu Consulting, of Kansas City; Trinity Web Solutions, of St. Louis; and Arrow Gates and Security, of Odessa. Each is receiving $25,000.

More than 170 businesses have applied so far, according to the release. Nixon on Friday said the program will be an ongoing process, and businesses that did not apply during the first application period in June can do so now. Businesses that already applied are still under consideration and don't need to apply again, according to the release.

Applications are being accepted at the link below.