MRPC News Release
April 20, 2006
For immediate release
For more information, contact:
Candace Connell or Bonnie J. Prigge, (573) 265-2993
LOCAL LOAN BOARD HOSTS SBA TRAINING PROGRAM APRIL 27 FOR LENDERS
ST. JAMES—Commercial lenders in the region are encouraged to attend an upcoming Small Business Administration commercial lender training program, offered April 27 by the Meramec Regional Development Corp., the local certified development corporation for Small Business Administration 504 programs.
The free training is scheduled from 8:30 to 11:30 a.m. on April 27 at Meramec Regional Planning Commission, 4 Industrial Drive, St. James, MO.
Training highlights include information on three of SBA's commercial lending program, including the SBA 7 (a), The SBA 7 (a) Express and the SBA 504 program, and an overview of the Meramec Region's Revolving Loan Fund and the new Intermediary Relending Program. Brenda Klages, a senior area manager with SBA, and Candace Connell, business loan specialist with MRPC, will conduct the training.
A light continental breakfast will be served at 8 a.m. Those planning to attend the training are asked to notify Connell at 573-265-2993.
The training is sponsored by the St. Louis District SBA office, MRDC and MRPC.
MRDC, through its two loan funds, provides low-interest loans to help finance business start-ups and expansions in Crawford, Dent, Maries, Gasconade, Osage, Phelps, Pulaski 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 region.
The regional revolving loan fund 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.
MRPC was recently awarded a $500,000 loan from USDA to recapitalize the fund, and Connell will discuss opportunities offered with these funds.
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.
Both RLF and 504 loan programs offer long-term, fixed-rate financing and can provide a significant up to 40 percent of the total project funding, working with a private lender and having the applicant to supply a relatively small amount of cash or equity.
Persons needing more information on the training or RLF and SBA loans should contact Connell at (573) 265-2993 or email her at cconnell@meramecregion.org.
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