July 22, 2010
For immediate release

For more information, contact:
Maria Kardon or Bonnie J. Prigge, (573) 265-2993

Regional Loan Board Honors Outgoing Members,
Welcomes New Members
Re-elects officers

ST. JAMES—The board of Meramec Regional Development Corporation, a regional loan board that offers SBA and revolving fund loans, honored five outgoing board members for their service and welcomed three new members, during the group's meeting on June 16. Outgoing members, who were recognized, included:

• Larry Dearing of Crawford County, who served from 2005 to 2010;

• Wanda Roberson of Maries County, who served from 2008 to 2010;

• Mark James of Maries County, who served from 2008 to 2010;

• T. R. Dudley of Washington County, who served from 2009 to 2010;

• Scott Shults of Dent County, who served from 2008 to 2010; and

• Quentin Satterfield of Maries County, who served from 2008 to 2010.

MRDC, through its three 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 eight-county region.

The board also welcomed new members, including:

• Mardy Leathers, appointed by Crawford County Presiding Commissioner Ed Worley;

• Eric Anderson, appointed by Phelps County Presiding Commissioner Randy Verkamp; and

• Terry Neuner, appointed by Osage County Presiding Commissioner Russell Scheulen.

In other business, the board:

• Approved a recommended slate of officers for the upcoming year. Tom Klebba of Legends Bank of Linn was re-elected president of the board with Tim Seams of Town and Country Bank of St. James selected as vice president. Bruce Sassmann, a Bland business owner, was elected treasurer while Eric Anderson of Missouri University of Science and Technology was selected as secretary.

• Approved the renewal of a professional services contract between MRPC and MRDC for the upcoming year.

The MRDC board reviews and acts on Revolving Loan Funds (RLF) and Intermediary Relending Program (IRP) loans. 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 IRP loan fund was created through a loan from USDA Rural Development.

MRDC also packages and services Small Business Administration 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.

The IRP, RLF and 504 loan programs offer 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.

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.

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