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BUSINESS FINANCING - Manufacturing-related companies receive priority.
Missouri Quality Jobs Program
eligible
for profit and non-profit businesses except for gambling,
retail trade, food and drinking places, utilities regulated by the
Public Service Commission, companies that are delinquent in
non-protested taxes or other payments (state, federal or local), or
any company that has filed for or has publicly announced it's
intention to file for bankruptcy. The average wage of the new jobs
must equal or exceed the county average wage (as published by the
DED), and the company must offer health insurance and pay at least
50% of the premium. To qualify company must create a minimum number
of new jobs and meet other state required criteria.
Industrial Revenue Bonds provide long-term, low-rate financing of fixed assets.
SBA 504 - Certified Development Company Loans - This program was designed to assist companies obtain long term financing for the acquisition of land and buildings, construction, expansion or renovations, and purchase of equipment. This program is designed for small business. SBA's definition of small business is a company with not over $2,000,000 after tax profit a year, for the last two years, and owner's equity not over $6,000,000.
Loan Guarantees are designed for "middle risk" credits which
have good growth potential, but cannot obtain private credit
financing, and is limited to a maximum, by using two programs, of
$400,000-800,000 or 90% of the loan (MEDEIB and CDBG Program).
"Action Fund" Loans are provided when a need can be demonstrated, such as inadequate alternative funding sources, inadequate rate of return with conventional terms and rate, or the cost of a Missouri site exceeds that of an out-of-state location. Limited to a maximum of 30% of the total project; $400,000; or $10,000 per job.
Missouri First Linked Deposit For Small Businesses - This is a linked deposit program the State of Missouri offers for small businesses. The program is designed just as the "Missouri First Linked Deposit For New Jobs," except for the eligible criteria. A company must have less than ten employees, be headquartered in Missouri, be an existing company and be operating for profit. The loans are available for working capital and the maximum amount available is $100,000.
Missouri Capital Access Program helps finance early-stage business ventures which have difficulty acquiring conventional financing. The program helps decrease the risk by spreading possible losses between the lending institutions, the borrower and the state. Both the lending institution and the borrower deposit for 1.5% to 3.5% of the loan principal into a loss reserve account, which is then matched by the state.
Microenterprise
Loan Program provides peer review loans from $500 to $7,500. The institution-based loan program awards loans of up to $15,000 to businesses employing fewer than ten people and range from $7,500 to $15,000 each.
LOCAL INCENTIVE
Other local incentives
available
TAX INCENTIVES -Chapter 353 Redevelopment Corporations offer tax abatements.
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