The State of Missouri is committed to providing incentives and financing for a strong and growing automobile industry. Below are links to loan programs that are of interest to Advanced Manufacturing companies like those in the automotive suppliers industry.
State of Missouri Loan Programs
Grow Missouri Loans
The Missouri Department of Economic Development (DED) may provide creditworthy suppliers a loan of up to 10% of the project financing, limited to $3 million per project. The principal payments may be deferred for up to 6 years. Borrowers must provide health insurance. The borrower may apply for the Grow Missouri 10% portion, and if approved, would have up to 120 days to secure the other 90% of funding for the project, which may not include other state funding.
Action Fund Loans
DED may provide credit worthy suppliers located in non-metropolitan areas a loan of up to 40% of project funding, limited also to $750,000 per project, or $25,000 per new job created (whichever is less).
Federal Loan Programs
SBA 7a Loan Guarantees
Guarantee of a bank loan of between 70-85%.
SBA 504 Loans
Subordinated loan of up to 40% of new fixed assets. Interest rate is fixed for the 10-20 year term of the loan.