State approves two $50K loans for Joplin businesses

Two Joplin small businesses adversely affected by the May 22 tornado have been approved for low-interest loans via the Missouri Small Business Loan Program.

The businesses, Powersports of Joplin and Wireless Connections, will receive $50,000 apiece, according to a news release from the governor's office.

"We modified our Missouri Small Business Loan Program to assist local businesses impacted or destroyed by the tornado, so that they could get back on their feet as quickly as possible," Gov. Jay Nixon said in the release. "These $50,000 loans will help these employers and employees to get back to work, which is vital to the health and well-being of their families, as well as the local economy."

Wireless Connections currently employs 10 workers out of a temporary facility, as the business' original office was destroyed in the tornado. The company sells commercial satellite TV systems and custom home electronic systems.

Powersports of Joplin - which sells and services motorocyles, all terrain vehicles, scooters and power equipment - suffered a significant sales decrease following the storm. The company, which employs 16 workers, got its start four years ago.

Nixon announced June 24 that the Missouri Small Business Loan Program - established in 2009 to provide small businesses with loans up to $50,000 - would be broadened to include businesses financially or physically impacted or destroyed by the Joplin tornado. The loans require 3 percent interest payable during a 10-year time period, according to the release.

Fifty-seven Missouri businesses have received loans since the program's inception. About $380,000 in funding remains available through the program.