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Aug. 16, 2010 For immediate release For more information, contact: First Community National Bank Donates $10,000 to Regional Loan Fund ST. JAMES—First Community National Bank and the Perkins Family recently donated $10,000 to Meramec Regional Planning Commission (MRPC) and Meramec Regional Development Corporation (MRDC) to leverage additional funds for small business loans. “ We are very fortunate to be in a position to give back to the community and to small business,” said Scott Perkins, president of First Community National Bank. “Our partnership with MRDC has allowed small business to flourish in a sluggish economy. It's small business and mainstreet banking that will lead to a recovery, and our family is blessed to take part in it.” That $10,000 will leverage $40,000 of federal dollars, which will eventually be invested in businesses creating jobs in the Meramec Region. “First Community National Bank is truly committed to helping small businesses grow and that is to be commended,” said Richard Cavender, executive director of Meramec Regional Planning Commission. “This donation demonstrates that FCNB understands that small business is the backbone of our economy, and when small business succeeds, everyone in the region benefits. On behalf of the Meramec Region, we say thank you to First Community National Bank and the Perkins Family for this investment. ” With its $625,000 Intermediary Relending Fund (IRP) loaned out, MRPC and MRDC have been on a fund-raising campaign to raise matching funds for another USDA IRP loan. While it fell short of its fund-raising goal, the MRPC board agreed to submit its loan request by the June deadline to secure additional loan funds, and apply again later as more funds are generated. MRPC is the recipient of the Revolving Loan Funds (RLF) and Intermediary Relending Program (IRP) loan funds, and the MRDC board reviews and approves loan requests. The IRP, like MRPC’s other Revolving Loan Fund (RLF) which is also being recapitalized, offers long-term, fixed-rate financing and can provide 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. To date, the two loan programs have created or retained nearly 900 jobs and have generated $7.5 million of private investment from lenders and an additional $1.9 million from borrowers’ injection. First Community National Bank is an outgrowth of the Bank of Leasburg, which was established in 1906 with capital stock of $10,000. FCNB operates eight facilities in the Steelville, Cuba, House Springs, Sullivan, Vienna, Rolla and Eureka communities. Persons needing more information on RLF, IRP or SBA loans should contact Tonya Price or Maria Kardon at (573) 265-2993 or email them at tprice@meramecregion.org or mkardon@meramecregion.org .
First Community National Bank and the Perkins Family recently donated $10,000 to Meramec Regional Planning Commission and Meramec Regional Development Corporation to recapitalize their Intermediary Relending Program. On hand for the check presentation was, from left, Connie Willman of MRPC, Todd Abolt of First Community National Bank, Mark Perkins of First Community Bank, Richard Cavender of MRPC, Scott Perkins of First Community National Bank and Bonnie Prigge of MRPC.
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