For immediate release
Date: Sept.21, 2015
For more information, contact
Maria Bancroft at (573) 265-2993
Mineral Point couple builds quick stop with help of SBA loan
ST. JAMES––—A Mineral Point couple started construction on B&M Quick Stop, a fuel and food convenience store in Mineral Point, with the help of Meramec Regional Development Corporation (MRDC) and the U.S. Small Business Administration.
“Mike and Betty Nixon have worked and raised their children in the Mineral Point area, located outside of Potosi, and have previous experience in the convenience store business,” said Maria Bancroft, business loan specialist at Meramec Regional Planning Commission (MRPC) in St. James, who provides staffing for MRDC.
The couple previously ran a fuel and convenience store, but wanted something on a larger scale for visitors and local residents. Betty Nixon said their idea has been in progress since 2003-04.
“My husband designed the building,” Nixon said. “We wanted to fix it to cater to truckers or travelers and campers.”
The Nixons’ designed B & M Quick Stop to provide for a variety of needs, including showers, laundry and parking. Nixon said the local Walmart parking lot had been an overnight spot for truckers several years ago, until Walmart stopped allowing it.
Their passion for the business is also a personal interest because their sons are trucker drivers and own Nixon Bros. Hauling, LLC.
“They realized the need for people and drivers to have a local place to get fuel, take breaks and just have a spot to stop,” Bancroft said.
The couple began looking for ways to fund the project and approached Don Thompson, a local loan officer at First State Community Bank (FSCB). FSCB brought the project to MRPC.
“FSCB wanted MRPC to help finance the deal through an SBA 504 loan program,” Bancroft said.
MRPC worked with FSCB to help finance a portion of the project. With the SBA 504 program, the bank finances 50 percent, SBA finances 35 percent and the borrowers invest 15 percent out of pocket.
“The Nixons’ have already invested their own money to make the project possible,” Bancroft said.
MRDC and SBA approved the request and the couple began building their own brand name store in February 2015.
“By opening their own private brand name, the Nixons’ may work with multiple fuel suppliers to bring area customers the lowest fuel prices,” Bancroft said.
“We are going to be open 24 hours a day, seven days a week, so when truck drivers stop at night, they can come in and they will be welcome,” Nixon said. “Plus they will have somewhere to park and sleep.”
Nixon said Mineral Point already has one other food/fuel station, but it is difficult for large vehicles to access.
“Hopefully the new store will take some of the pressure off the drivers, truckers and travelers,” Nixon said.
The business that is expected to create six new fulltime positions will also be equipped with a drive-up window for purchases on-the-go, a kitchenette and lounge area inside. The Nixons’ hope the business will still be a part of the community for future generations.
“Our sons have our same initials, B&M,” Nixon said. “We hope the business is something that can be passed down to our kids and grandkids.”
B&M Quick Stop will be located off of Highway 8, on a portion of the Nixons’ 36 acres.
“They are in a great location that allows for easy access and exit for every customer,” Bancroft said.
The couple hopes to have the business up and running in October 2015.
To learn more about the SBA 504 loan program as well as other business financing resources that work in partnership with local banks, contact Maria Bancroft at MRPC, 573-265-2993 or by email at firstname.lastname@example.org.