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Business Assistance and Financing

Businesses and manufacturers considering sites in St. Francois County, and existing businesses considering expansions, will find local development agencies and a variety of financial packaging and business development products to assist at the federal, state and local level.

Economic Development Assistance

A number of local, county and regional development agencies are available and can provide a host of services to businesses that are interested in locating in St. Francois County and to existing businesses which may be interested in expanding. In addition to the St. Francois County IDA, the Cities of Bonne Terre, Farmington and Park Hills also have active Industrial Development Authorities. Contact information for each IDA is listed below:

St. Francois County Industrial Development Authority

Jim Henson

Courthouse, Presiding Commissioner

1 N Washington

Farmington, Missouri 63640

(573) 756-3623

commissioners@sfcgov.org

Bonne Terre Industrial Development Authority

Joe Layden, President

No.1A Northwood Drive

Bonne Terre, Missouri 63628

(573) 358-2254

lhughes1@onemain.com

Farmington Industrial Development Authority

Stuart Landrum Jr., President

P.O. Box 191

Farmington, Missouri 63640

(573) 756-3663

jrdismuke@hotmail.com

Park Hills Industrial Development Authority

Ken Douglas, President

5 Municipal Drive

Park Hills, Missouri 63601

(573) 431-1051

phcc1@i1.net

Southeast Missouri Regional Planning

and Economic Development Commission

The Southeast Missouri Regional Planning and Economic Development Commission, located in Perryville, can provide a variety of services to assist new or expanding businesses. These services include providing economic and demographic information, preparation of Tax Increment Financing plans, map preparation, preparation of applications for grants and loans, administration of a revolving loan fund and the preparation of business plans. The Commission is a participant in the Certified Development Company process and provides financial analyses services to assist businesses and industries in qualifying for a variety of programs.

Small Business Development Center

The Small Business Development Center, located on the campus of Southeast Missouri State University, also provides a range of services to assist new and existing businesses. The services include confidential one-on-one business counseling and workshops and training seminars on a broad range of business-related topics, some targeting aspiring entrepreneurs and other focused on existing business.

In addition, the SBDC is a business information/resource center with a lending and reference library including printed material, audio/video tapes, computer software, and internet-based resources. The Center is a U. S. Census Data Center, a satellite office of the World Trade Center-St. Louis and a U. S. Small Business Administration Capital and Business Information Center. All Southeast SBDC counseling services, training and business resources are available to pre-venture, start-up and existing business clients.

Economic Development Financing

Industrial Development Bonds

Industrial development bonds, which can be used to purchase, construct, expand or equip industrial plants, can be issued by the St. Francois County Industrial Development Authority and provide lower interest rates since the interest on purchased bonds is exempt from both federal and Missouri income tax.

Municipal Bonds

Under the Missouri Constitution, municipal bonds (either general obligation or revenue) can be issued by cities and sold for industrial development purposes.

Missouri First Program

The Missouri State Treasurer, in cooperation with the Missouri Department of Economic Development, provides for state funds to be deposited in local banks which can then make loans to companies for specific projects. This allows the lender to offer a lower interest rate to new or expanding manufacturers.

Southeast Missouri Revolving Loan Fund

The Southeast Missouri Revolving Loan Fund (RLF) is designed to provide gap financing to enable an entrepreneur to completely finance necessary elements of a job creation project. The “gap” consists of the available amount of private equity and monies made available through local lending institutions subtracted from the total project cost. The maximum amount of RLF funds that can be loaned to a single borrower is the lesser of 30% of the project costs, $175,000, or $15,000 per job created.

The Small Business Administration (SBA) 7(a) Loan Guaranty Program is one of SBA’s primary lending programs. It provides loans to small businesses unable to secure financing on reasonable terms through normal lending channels. The program operates through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA. SBA has no funds for direct lending or grants.

The Missouri Department of Economic Development (DED) provides loans to certain types of for-profit companies that need funds for start-up or expansion and have exhausted other sources. DED provides funds in the form of a loan to an approved company. The loan may be in a subordinate collateral position to the lead/primary lender at the sole discretion of DED. The loan must be made in cooperation with a city or county sponsor. For-profit manufacturing, processing and assembly companies that will have wages above the county average and provide medical benefits are given priority.

Through this Missouri Department of Economic Development program, state income tax credits can be provided to a business based on the number of new jobs and amount of new investment created at the qualifying facility. The credits are provided each tax year for up to 10 years after the project commences operation. Eligible projects include manufacturing, warehousing, wholesale distribution, mining, insurance, research and development, recycling operations, computer-related services, and certain office activities, which have created at least two new jobs (25 for office) and $100,000 new investment ($1 million for replacement facilities).

Through its Business and Industry (B&I) Guaranteed Loan program, the U. S. Department of Agriculture’s Rural Business Service helps create jobs and stimulates rural economies by providing financial backing for rural businesses. This program provides guarantees up to 90% of a loan made by a commercial lender. Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate, and certain types of debt refinancing.