That’s right, you read that right. St. Louis County is offering small business owners $ 500,000 dollars. Within recent days the St. Louis County Economic Council announced a new plan they’re calling Boost to aid struggling business owners. County Executive Charlie Dooley tells me that in the last year his office has heard several complaints that small businesses can not secure loans from banks and the council developed the Boost program to help. The Boost program will run for 3 years and has a budget of 5 million dollars. Each business owner that applies is eligible to receive a maximum of $ 500,000 dollars. After applying and qualifying for the loan and business owner would have to put up 10 percent for a project, its bank 50 percent and then St. Louis County Economic Council will lend the individual the rest. The money is only good for “fixed” costs like building or equipment.
If you’d like more information you should contact the St. Louis County Economic Council or PNC Bank, the bank the council is using to fund the program.
The Boost program is similar to a program the U. S. Small Business Administration offers; the major difference, St. Louis County's program has fewer restrictions.