Regional Loan Board expands to include Pulaski, Osage Counties

ST. JAMES—The board of Meramec Regional Development Corporation, a regional loan board that offers SBA and revolving fund loans, is growing as Pulaski and Osage counties will now have representation on the board. At the group's next meeting in September, six new members will be introduced, after having been appointed by their county commissions and confirmed by the board of Meramec Regional Planning Commission.

MRDC, through its three loan funds, provides low-interest loans to help finance business start-ups and expansions in Crawford, Dent, Maries, Gasconade, Osage, Phelps, Pulaski and Washington counties. Working in cooperation with banks, the programs are designed to induce private lenders to participate in business loans in order to create jobs in the eight-county region.

Representing Osage County will be Shirley Dudenhoeffer, Steve Voss and Dwight Massey, all appointed by Osage County Presiding Commissioner Russell Scheulen.

Representing Pulaski County will be Darrell French, David Johnson and Larry Salveter, all appointed by Pulaski County Presiding Commissioner Tony Crismon.

Other counties also made appointments as board member terms expired.

Dent County Presiding Commissioner Jim Biggs appointed George Gruendel to represent Dent County. Barry White of Rolla will be a newcomer to the board, having been appointed by Phelps County Presiding Commissioner Randy Verkamp.

Washington County Presiding Commissioner Bob Reed re-appointed T.R. Dudley, Darlene Weber and Hazel Skaggs to serve.

The MRDC board reviews and acts on RLF and Intermediary Relending Program loans. The regional revolving loan fund was created through a grant from the U.S. Economic Development Administration and local match dollars from local counties. The IRP loan fund was created through a loan from USDA Rural Development.

MRDC also packages and services Small Business Administration 504 loans, which provide long-term, low fixed-rate financing for practically any type of business that will create new jobs in the region. The local board reviews and recommends 504 loan applications to SBA's St. Louis office.

The IRP, RLF and 504 loan programs offer long-term, fixed-rate financing and can provide up to 40 percent of the total project funding, working with a private lender and having the applicant to supply a relatively small amount of cash or equity.

Persons needing more information on RLF, IRP or SBA loans should contact Candace Connell and Maria Kardon at (573) 265-2993 or email them at mkardon@meramecregion.org or cconnell@meramecregion.org.