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Dec. 16, 2008 For Immediate Release Regional Loan Board Honors Town and Country Bank ST. JAMES—Meramec Regional Development Corp., the regional loan board that offers Small Business Administration, presented its 2008 Lender of the Year award to Town and Country Bank. MRDC Chairman Tom Klebba presented the award to Robin Allen of Town and Country Bank at Meramec Regional Planning Commission’s Annual Dinner Nov. 12 in St. Robert. Each year, the MRDC board selects one bank for the award. The decision is based the number of loans the bank has made in partnership with MRDC, the amount of private investment and the jobs created. For Fiscal Year 2007-2008, MRDC and Town and Country Bank partnered with MRDC on seven loans that created 57 jobs and encouraged nearly $5 million in private investment. Town and Country Bank is a locally owned bank with 10 locations in south-central Missouri. The bank has facilities in Licking, Bourbon, Mountain Grove and St. James, Salem, Rolla and Ava. The chief executive officer is John Kolbe, and the president and chairman of the board is Roger Gott. The Meramec Regional Development Corporation, an eight-county non-profit corporation that provides lower-interest loans to help finance business start-ups and expansions primarily 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 and retain jobs. MRDC packages and services 504 loans, which provide long-term, low fixed-rate financing for practically any type of business that will create new or retain jobs in the region. The local board reviews and recommends 504 loan applications to SBA, who makes the final decision and funds the loan. With SBA loans, the bank typically provides 50 percent of the financing, SBA provides 40 percent and the borrower injects 10 percent. The 504 loan proceeds can be used for fixed assets such as land, building and equipment as well as leasehold improvements. SBA will loan up to $2 million on most projects, and allows the partnering bank to take the first deed of trust on the property and/or equipment. In addition to the SBA 504 program, the MRDC board is responsible for reviewing and making loans through two local revolving loan funds owned by Meramec Regional Planning Commission. One fund was created through a grant from the U.S. Economic Development Administration and local match dollars from local counties; the other—the Intermediary Relending Program—was capitalized through a long-term loan with USDA Rural Development. In addition to funding fixed assets, the RLF and IRP can also provide businesses with working capital and inventory. These loans offer a fixed rate below the bank’s rate for up to 15 years. For more information on SBA or revolving loan fund loans, businesses may contact Tonya Price or Maria Kardon at 573-265-2993 or by email at tprice@meramecregion.org or mkardon@meramecregion.org.
CUTLINE: Tom Klebba of Linn, president of the Meramec Regional Development Corporation, presents MRDC Lender of the Year award to Robin Allen of Town and Country Bank.
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