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your monthly 504 news source
provided by
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May 2010 Headlines |
May's 20-year fixed interest rate is 5.4 percent. Learn more about the fixed assets eligible for SBA financing.
New Online Tools Keep You Connected
Come be part of the conversation and get the inside scoop on what's happening in the region and the industry. Join us, follow us, tweet us, like us, subscribe to us...however you want to connect.
BOOST Loan Program is Unque and Exclusive to SLCEC
Learn more about the unique features of this innovative program designed for businesses expanding within St. Louis County.
Did you know last week was Small Business Week and National Association of Development Companies' (NADCO) Annual Meeting? Learn more about our SBA award and NADCO's state of the industry.
Banker Incentive Program
We'd like to thank you for being a loyal business partner. Take advantage of our Banker Incentive Program, and you could take home one or more gift cards.
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504 Monthly Rate & Benefits
May's SBA 504 rate has dropped slightly to 5.4 percent for a 20-year fixed term and remained steady at 4.4 percent for a 10-year fixed term. Both are "all-in rates" and include fees.
The SBA 504 loan program's flexibility enables borrowers to purchase materials, build or improve their company. The following fixed assets are eligible for 504 financing:
Land acquisition Building acquisition
Building renovation
Building construction
Purchase of heavy machinery and equipment (new or used)
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 New Online Tools Keep You Connected
St. Louis County Economic Council has added many new online tools to make information gathering and sharing easier. In addition to adding a more user-friendly applications page, we've incorporated social media into our communications efforts.
You can find us on Facebook, Twitter, Wikipedia, and YouTube, and can subscribe to the Economic Council's latest news and calendar of events in your RSS Reader, making it easier for you to stay connected to what's happening in business finance and local economic development. LinkedIn and other social networking tools will be incorporated in the near future.
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BOOST Loan Program is Unique and Exclusive to SLCEC
Earlier this year, St. Louis County Executive Charlie A. Dooley unveiled an innovative small business loan program that is deemed the first of its kind in the United States and will help enhance lending for entrepreneurs.
The BOOST loan program offers less restrictive requirements to borrowers seeking financing for the purchase or construction of land, buildings, machinery, and equipment within St. Louis County.
"With the credit crisis and small business owners having difficulty obtaining financing, BOOST comes at an opportune time," said County Executive Dooley. "It provides borrowers with a viable option that's not hampered by bottlenecks, red tape and high costs. I believe BOOST will serve as a model for similar programs nationwide."
The Economic Council is partnering with PNC Bank to provide $5 million in lending - in loans of up to $500,000 - with up to a 20-year term. In addition to receiving up to 90 percent financing, borrowers have the option of a variable or fixed-rate with no prepayment penalty for the floating rate.
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2010 Incentive Program
We'd like to thank you for being a loyal business partner. Our banker incentive program is one way we are showing our appreciation. Your referrals qualify you for the following rewards:
1st referral - Receive a $50 Macaroni Grill gift card after the application is approved and a $75 Best Buy gift card after funding.
2nd referral - Receive a $50 Macaroni Grill gift card after the application is approved and a $100 gift card to Citizen Kane or Sam's Steakhous after funding.
3rd referral - Receive a $50 Macaroni Grill gift card after the application is approved and a night at the Chase Park Plaza Hotel with dinner at the hotel's premier restaurant after funding.
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Did You Know...
Last week, St. Louis County Economic Council was involved in two important events: Small Business Week of Eastern Missouri and the National Association of Development Companies' (NADCO) annual meeting. During Small Business Week, the Small Business Administration (SBA) recognized the Business Finance Corporation (BFC) of St. Louis County as a top 504 certified development company in Eastern Missouri. We are very proud of this award and recognition. At NADCO's annual meeting, the BFC staff was updated on the status of the SBA 504 program and the recent changes NADCO and Congress are working to improve for 2010. The annual meeting celebrated the great improvement 2009 brought to the SBA programs, credit for which goes to NADCO and Congress for implementing the changes needed to attract banks and businesses. They continue to work to reduce those fees and employ more program updates that benefit banks and borrowers. |
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Missouri's only Accredited Economic Development Organization Derek Dickrader, business development officer
121 S. Meramec Avenue, St. Louis, Missouri 63105
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