MRPC News Release
April 10, 2006
For immediate release
For more information, contact:
Candace Connell (573) 265-2993
MRDC’s REVOLVING LOAN FUND, SBA 504 LOAN PROGRAMS HELP COUPLE PURCHASE AREA BUSINESS
ST. JAMES— Town and County Bank of St. James and the Meramec Regional Development Corporation recently joined forces to help Charles and Lesa Mizell start a new career in Crawford County. The Mizells, of St. Louis, recently purchased the Britton Funeral Home in Cuba, Mo.
The project was financed through a partnership with the bank, the Small Business Administration’s 504 loan program and MRDC’s Revolving Loan Fund (RLF), both offered through MRDC. Through its two loan programs, MRDC provides low-interest loans to help finance business start-ups and expansions in Crawford, Dent, Maries, Gasconade, Phelps and Washington Counties. Working in cooperation with banks, the programs are designed to induce private lenders to participate in business loans in order to create jobs in the six county region.
The RLF was created through a grant from the U.S. Economic Development Administration and local match dollars from local counties. The MRDC board reviews and acts on RLF loans. MRDC also packages and services 504 loans, which provide long-term, low fixed-rate financing for practically any type of business that will create new jobs in the region.
The local board reviews and recommends 504 loan applications to SBA’s St. Louis office. MRDC contracts with the Meramec Regional Planning Commission to market, package and close their loans.
“Using the RLF was the easiest part of everything we did,” Lesa Mizell said.
“The funds from the RLF were the final piece of the puzzle we needed to close the deal, and it was the easiest to find. MRPC was there immediately to help us.”
Prior to purchasing the funeral home, the Mizells managed and worked at funeral homes in the St. Louis area. The Mizells are both licensed embalmers and hold degrees in funeral service areas. They will bring over 30 years of experience to a funeral home with an already outstanding reputation in the community.
Britton Funeral Home opened in 1967 and, over the years, was able to create and maintain a strong reputation as a quality funeral home offering outstanding service. The original owners, Don and Madeline Britton wished to sell their business and have since retired.
The participating bank was also pleased with the partnerships involved in financing the project.
“The RLF is a very good program and it was very easy to work with MRPC on,” said Tim Seams, loan officer with Town & Country Bank. “I think the RLF is very positive for local businesses to look into. It provides them a financing opportunity that may not be available through conventional financing.”
MRPC Business Loan Specialist Candace Connell commended Town and Country Bank for its willingness to find the best products for its customers.
“It is through partnerships with financial institutions, like Town and Country Bank, that MRDC is able to have a positive impact on the businesses that contribute to the economic well-being of our member communities and counties,” says Connell. “It takes a strong commitment to their customer for local lenders like Tim Seams to look for the best financing options for the small businesses that they work with.”
MRDC is a locally governed and locally controlled community development corporation that was founded with the mission to promote and assist small business growth and development in the Meramec Region. MRDC has been certified by the U.S. Small Business Administration to operate the SBA 504 loan program, which provides long-term, fixed-rate financing to small businesses, like the Britton Funeral Home, in partnership with local banks.
Persons needing more information on MRDC’s loan program may call Connell at (573) 265-2993.
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