FINANCING

Financing is available for new or existing small businesses in the Southeast Missouri region through the Engagement Center’s closely allied nonprofit the Missouri Innovation Corporation (MIC). The goals of this loan program financed through the U.S. Department of Agriculture are:

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Create and retain jobs in Southeast Missouri

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Complement (not replace) financing from local lenders

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Partner with local public and private organization that provide complementary resources important to local businesses

Intermediary Relending Program

$ 25K-100K
  • Loan size $25,000 to $100,000
  • Limited exceptions for higher amounts
  • Private financing of at least 50%
  • Private equity of at least 10%
  • 5% loan closing fee
  • Loan Example: Business refinancing $100,000 ($45,000 in private financing, $10,000 in private equity, and $45,000 IRP loan)
ELIGIBLE LOAN PURPOSES
  • Real estate
  • Buildings
  • Leasehold improvements
  • Equipment
  • Inventory
  • Working capital
  • Refinancing
INELIGIBLE LOAN PURPOSES
  • Golf courses
  • Racetracks
  • Gambling facilities

And most types of:

  • Religious organizations
  • Lending companies
  • Investment companies
HOW TO GET A LOAN
  1. Contact Crystal Jones at (573) 651-5956 or cgjones@semo.edu
  2. Meet with Small Business and Technology Development Center
  3. Complete a loan application
  4. Loan Review Committee reviews application
  5. MIC Board of Directors reviews and considers