St. Louis County Economic Council announces millions in funding to support small businesses, create jobs

The 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 million, according to a news release. 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 for companies such as manufacturing, retail and non-profit.

“Small and medium-sized businesses are the backbone of the St. Louis community,” St. Louis County Executive Charlie Dooley stated in the release. “We must provide them with the tools and the 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, the release stated. The current 20-year fixed rate for SBA 504 is 5.3 percent. Other options include the BOOST loan, unveiled by the Economic Council last year. It is an SBA 504 alternative that offers fewer restrictive options, lower costs and less red tape for companies within the Greater St. Louis area, according to the release. Both programs offer a fixed rate, allowing businesses to control costs.

“We want to make sure every St. Louis business has an opportunity to prosper, hire and expand as we strive to grow our economy,” SLCEC President and CEO Denny Coleman stated in the release. “We know that some businesses have had difficulty securing financing and that’s why our programs are available.”Additional information on these loan programs is available at