Zero-interest loans offered for small businesses

Zero-interest loans offered for small businesses

ST. LOUIS – Small businesses in St. Louis and St. Louis County that have been slammed by the coronavirus can apply for new zero-interest loans.

The loans are being offered by the St. Louis Economic Development Partnership and the St. Louis Development Corporation.

Mayor Lyda Krewson praised area banks’ participation in the program. In a statement Thursday, April 2, on her Facebook page, Krewson said a group of area banks had “chipped in $500,000 to the Small Business Program in response to #COVID19.”

She said those banks included Busey Bank, Commerce Bank, Enterprise Bank & Trust, FirstBank, Royal Banks of Missouri, UMB Bank, Central Bank of St. Louis, Carrollton Bank and Simmons Bank.

Here are the basic guidelines for the loan program:

  • Any for-profit business in the city or county that has sustained economic damage because of the coronavirus may apply.
  • Loans can be as much as $5,000 for working capital.
  • A business must be current on all taxes through 2018, be in good standing with state and local governments, and have been in business for at least one year.
  • The business must demonstrate that its jobs are threatened by the crisis and must explain how the loan would save those jobs.
  • Financial institutions and lenders are not eligible.
  • The loans will be awarded as long as funds hold out.

To get more information about the loan program, email bizhelp@stlpartnership.com or go to https://stlpartnership.com/small-business-resource-fund-fo…/

“I appreciate the banking community stepping up to support our small businesses and their workers,” Krewson said.

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