|
||||||||
 |
Today's Headlines
WEATHERING THE STORMS
After the string of winter storms that gripped the St. Louis region this season, I think it’s safe to say that we avoided what some feared would be "snowmageddon." We worked regionally to ensure proper precautions were taken and responded quickly. In a sense, the storm and our reaction to it, exemplifies St. Louis County’s response to the economic climate. Over the years, the St. Louis region has faced a number of economic squalls, and every time, we do more than weather the storm, we plant seeds for growth. During the late 1990s, St. Louis’ manufacturing base sustained heavy losses due to the defense industry adjustments and changes in the automotive sector. Working together, we developed a new strategy and are now leaders in industries as diverse as: financial services, plant and life sciences, health care, and high-tech manufacturing. We also have experienced a more recent setback with the loss of the Chrysler plants in Fenton. Again, we are collectively developing a regional strategy to determine best re-uses for the Chrysler site. The strategy will map a new direction for a vibrant economic base for the entire region.
Storms, both in terms of climate and economics, are inevitable. Our ability to weather the storm is a testament to our resilience as a region. As we have done in the past, we will work together to plant the seeds for future growth and opportunity. Charlie A. Dooley
WHERE CAN BUSINESSES FIND MONEY TO GROW?
|
|||||||
|
|
Don Davidson, owner of Davidson Surface Air and recent BOOST borrower. |
St. Louis County Economic Council has re-launched a series of funding programs designed to assist St. Louis area businesses.
These programs include loans, bonds and private equity opportunities ranging from $200,000 to $10,000,000. Depending on the program, funding may be used to hire additional employees, invest in new technology, upgrade or expand a facility, and provide working capital in sectors as diverse as manufacturing, retail and non-profit.
"Small and medium-sized businesses are the backbone of the St. Louis community," said St. Louis County Executive Charlie A. Dooley. "We must provide them with the tools and funding necessary to expand and create jobs to spur our economic recovery."
The wide array of funding options includes SBA 504 loans in which the company puts up 10 percent, the Economic Council provides 40 percent, and a traditional bank lends the remaining 50 percent. Other options include the BOOST loan, unveiled by the Economic Council last year. It is an SBA 504 alternative that offers fewer restrictions, lower costs and less red tape for companies within St. Louis County. Both programs offer a fixed rate, allowing businesses to control costs.
"We want to make sure every local business has an opportunity to prosper, hire and expand as we strive to grow our economy," said Economic Council President & CEO Denny Coleman. "We know some businesses have had difficulty securing financing and that is why our programs are available."
Additional information on these loan programs is available at www.slcecfundingyourfuture.com.
Missouri exports increased 36 percent in 2010 according to data released by World Trade Center Saint Louis.
In 2010, the total dollar value of Missouri exports was $12.9 billion, up from $9.5 billion in 2009. Canada, Mexico and China, respectively, were the top international customers for Missouri companies.
"Missouri export growth in 2010 outpaced the national average by 15 percent," said Tim Nowak, executive director at the World Trade Center Saint Louis. "Given the recent work to establish an export hub in St. Louis, it is important to note that China is now the third largest buyer of Missouri products with 43 percent export growth last year, equating to almost $1 billion in sales."
"Missouri's strong export performance proves we are responding successfully to global opportunities," said St. Louis County Executive Charlie A. Dooley. "Through efforts such as the Midwest-China Hub and the work of the World Trade Center, St. Louis County and Missouri are working collaboratively and strategically to compete in the world economy."
The Donald Danforth Plant Science Center unveiled plans for an $8.25 million expansion. The project will be constructed in three phases and includes laboratories, hazardous materials storage and an additional greenhouse.
|
|
The project will be funded by $6.2 million in tax-exempt bonds approved by the Missouri Development Finance Board. The Danforth Center is the largest independent plant science research institute in the world.
The Heartland Regional Investment Fund received $32 million in New Markets Tax Credits from the U.S. Department of Treasury. The fund is a collaborative effort among St. Louis County Economic Council, City of St. Charles and Southwestern Illinois Development Authority. The award will provide critical funding for development in low-income communities throughout the St. Louis region. These tax credits provide an essential source of equity to developers and businesses that would otherwise find it difficult to underwrite job creating development projects and business expansion activities.
"I think developers will jump at the opportunity to apply for these funds," said St. Louis County Executive Charlie A. Dooley. "Tax credits make projects such as NorthPark and Buzz Westfall Plaza a reality. This is a truly important step in spurring development in the neighborhoods that need it most."
"This is a tool that we, as economic development professionals, can begin using right away," said Denny Coleman, president & CEO of the Economic Council. "I could see them immediately being utilized at places such as Aviator Park in Hazelwood and NorthPark. These can be challenging projects to finance. Federal tax credits immediately make them more appealing."
The Heartland Regional Investment Fund submitted its proposal last year. As first-time applicants, the team members envisioned it as a way to leverage the combined strengths of St. Louis County, the City of St. Charles and the communities of Southwestern Illinois.
Creve Coeur based Monsanto, a global leader in technology and agricultural-based products, has announced the acquisition of Divergence, Inc.
Divergence, also based in St. Louis County, focuses its expertise on biotechnology traits for nematode control in soybean crops.
"This is an exciting opportunity for Divergence," said Derek Rapp, Divergence's chief executive officer. "We're thrilled to see our research and product platforms, including our nematode resistant plant and nematicide work, move to Monsanto, a company that has the experience and resources to deliver outstanding products to farmers."
Divergence acquired national prominence as it was one of the first companies to be housed in the highly successful Bio-Research & Development Growth (BRDG) Park.
"Divergence has received tremendous support from the business and academic communities in the St. Louis region and throughout the state of Missouri," Rapp said. "Our success reflects the many resources of this region and its determination to flourish in the life sciences."
|
|
Denny Coleman, president & CEO of St. Louis County Economic Council, has named Kathryn Jamboretz as the new vice president of Marketing and Communications.
"Katy brings a wealth of experience to the position," said Coleman. "Her knowledge of broadcast media, media relations and private sector communications consulting makes her an asset for the organization."
Prior to joining the Economic Council, Jamboretz operated her own marketing and communications consulting firm and is highly recognized for her position as lead television news anchor for KPLR, WB11 and previously as a news reporter for KMOV TV.
"I appreciate Denny’s confidence in me and look forward to contributing to the Economic Council’s overall marketing and communications mission," Jamboretz said.
