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Urban Enterprise Loan
PURPOSE
The Missouri Department of Economic Development (DED) contracts for the administration of a micro-lending program to assist Missouri's small business owners with the creation, expansion and retention of their business enterprise, located in the St. Louis and Kansas City urban areas.
AUTHORIZATION
Section 620.1023, RSMo
ELIGIBLE AREAS
Designated urban areas in St. Louis and Kansas City.
ELIGIBLE APPLICANTS
Missouri small business owners.
ELIGIBILITY CRITERIA
Applicant must own a for-profit small business located within the designated urban areas.
PROGRAM BENEFITS/ELIGIBLE USES
Funds may be used to:
- Start a new business
- Purchase business equipment, inventory, working capital, acquisition of business assets or other expansion purposes of an existing small business
- Provide an equity match for leveraging a commercial loan
- Secure lines of credit or gap financing from a conventional commercial lender
Funds may not be used:
- To retire other debt
- For owner’s salary
- As down payment on real estate
- For the payment of taxes
- For intra-state relocations
- For buyouts of existing businesses
- For payouts to existing shareholders
FUNDING LIMITS
The loan amount cannot exceed 50% of the borrower's total financial need.
Loans range from a minimum of $10,000 to a maximum of $100,000 per business.
APPLICATION/APPROVAL PROCEDURE
Interested businesses should contact the local program administrator:
St. Louis:
St. Louis Minority Business Council
308 N. 21st Street, Floor 7
St. Louis, MO 63103-1600
(314) 241-1143
Kansas City:
Douglass National Bank
1670 East 63rd Street
Kansas City, MO 64110
(816) 822-8560
*A business plan and financial projections must accompany all applications.
CONTACT
Missouri Department of Economic Development
Division of Business and Community Services
Finance Management Team
301 West High Street, Room 770
P.O. Box 118
Jefferson City, MO 65102
Phone: 573-751-4539 Fax: 573-522-4322
E-mail: dedfin@ded.mo.gov
Business and Community Services
301 W. High Street, Rooms 720, 770 Jefferson City, Missouri 65102
Tel: 1-866-647-3633 Fax: 1-573-751-7384 Email: missouridevelopment@ded.mo.gov
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