SST expands, adds 500 jobs at Joplin facility

Systems and Services Technology Inc. announced Jan. 9 that it will expand its Joplin operations and add 500 jobs. Gov. Bob Holden, Joplin Mayor Richard Russell, Michael Clark, executive vice president of JPMorgan, and John Chappell, president of SST joined to make the announcement.

SST, which processes automobile loans, currently employs 170 at its Joplin facility with plans to nearly quadruple its work force in the next three years. The company intends to use state and local resources to purchase, renovate and equip a former Wal-Mart store in Joplin to accommodate the $16.5 million expansion.

The Missouri Development Finance Board gave preliminary approval for nearly $1.04 million in BUILD bonds in October. The board is expected to grant final approval of the project later this month.

"As Missouri begins to recover from the national recession, my administration is focused on creating jobs to build economic security for Missouri's families, businesses and communities," Holden said. "A project of this magnitude and the creation of 500 new jobs is a tremendous boost for Joplin's and Missouri's economies.

Missouri's BUILD program provides state tax credits to a business in the amount of debt service payments for industrial revenue bonds related to a portion of project costs. The incentives are designed to reduce necessary infrastructure and equipment expenses once a project demonstrates a need for funding.