Grow Missouri Loan Fund (Missouri)
Last modified on February 12, 2015.
The Grow Missouri Loan Fund is open to private companies with fewer than 500 existing employees. One of the key advantages of the program is that the funding can be used as a prior commitment for obtaining future project funding. Principal and interest payments may be deferred for up to 3 years. Applicants must demonstrate a reasonable ability to create at least 1 new or retained job for every $75,000 of Grow Missouri Loan funding within 5 years of approval. Such new or retained jobs must have average wages that are at least 80% of the county average wage, or 70% within Enhanced Enterprise Zones or MBE/WBEs.
Generally, for-profit “primary” companies (that mostly sell/compete outside the local market area) are eligible. The applicant must offer to pay at least 50% health insurance for all Missouri employees.
The Grow Missouri funds and the other “leveraging sources of funds” (private loans and equity) to be used for the project may not be used for refinancing existing debt or replacing existing equity. There is no prohibition on the use of “non-leveraging sources” (direct public sector funding) for refinancing. None of the “leveraging sources of funds” can have been spent prior to the DED’s approval of an application.
The expansion project does not involve relocating the project facility from another community in Missouri, or if so, the existing community has endorsed the relocation to DED. Also, this project does not, or will not, cause the reduction of employment at a related facility located in Missouri.
The qualified company (including affiliates) must have less than 500 full-time employees (full-time equivalent basis) at all locations, inside or outside Missouri, at the time the application is submitted.
The Grow Missouri Loan cannot exceed: (a) 10% of the total “leveraging sources of funds” (private loans and equity); (b) $3 million per qualified company; or (c) $75,000 per new and/or retained job, whichever of these would result in the lowest amount.
Applications for the available funding of $10 million will be received at any time until the funding is exhausted.
|Department||Missouri Department of Economic Development|
|Division||Division of Business and Community Services, Business and Community Finance Team|
|Address||301 West High Street, Room 680|
|Address 2||P.O. Box 118|
|Place||Jefferson City, Missouri|