Sept. 21, 2006

For immediate release

For more information, contact:           

            Maria Kardon or Bonnie J. Prigge, (573)  265-2993

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 now have representation on the board. The group met Sept. 21 in St. James, and several new members were 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 are Shirley Dudenhoeffer and Dwight Massey, appointed by Osage County Presiding Commissioner Russell Scheulen. One more board member is needed from Osage County.

            Representing Pulaski County are David Johnson and Larry Salveter, both 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. Two more board members are needed from Dent County.

Barry White of Rolla is also new 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.

            For the benefit of new members, a brief orientation was conducted at the Sept. 21 meeting. It included an overview of the three loan programs and the marketing effort that will begin in October. The group also formed a committee to select a participating lender to be honored at the annual dinner of Meramec Regional Planning Commission. The group also reviewed the region's Revolving Loan Fund plan, which is the standard operating procedures for the program.

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

—30—