First Bank Launches the St Louis Small Business Neighborhood Loan Fund

The effort is to spur economic activity and business development

April 13, 2018 | 2 min reading time

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St. Louis, MO- In an effort to spur economic activity and business development in under served areas within the City of St. Louis, First Bank is proudly partnering with the St. Louis Local Development Corporation (LDC), to establish a St. Louis Small Business Neighborhood Loan Fund. First Bank and the LDC contributed $150,000 respectively, to fund the $300,000 allocated for approved small businesses loans located within the city’s five designated Neighborhood Revitalization Strategy Areas (NRSA’s). These loans will range from $20,000-$50,000 in value.

The first St. Louis Small Business Neighborhood Loan Fund has been awarded to Azurite Lain Flooring and Carpentry. The owner, Terence Blue, a long-time resident of the City of St. Louis has been awarded $40,000.00 towards the purchase price of the property at 4371 Bates Avenue, in the Bevo neighborhood. “This Small Business Neighborhood Loan Fund signifies First Bank’s support of underserved areas within our communities,” said Joe Ambrose, Vice Chairman at First Bank, “and further endorses our vote of confidence in the revitalization of the City of St. Louis.”

These loans will be made available for both new and established for-profit businesses located within the designated NRSA’s. All loan applications will be subject to review and approval by the LDC Review Committee and the LDC Board.

Otis Williams, Executive Director of the St. Louis Development Corporation, commented, “We are very happy to partner with First Bank to create this fund that will help small businesses to locate and operate in traditionally underserved areas of St. Louis. Increasing the availability of funds will provide greater opportunity for businesses to thrive and grow in the city.”

For more information or for assistance with the application process for a loan through the St. Louis Revolving Small Business Neighborhood Loan Fund, please contact the St. Louis Economic Development Partnership, Roger Schlueter, Business Development Officer at (314)-615-8146 or Tim Bohnert, Business Development Officer at (314) 615-7663.

About the St. Louis Local Development Corporation (LDC)

The LDC is subsidiary of the St. Louis Development Corporation (SLDC) which provides loans through federal, state, and local programs to the small business community in the City. These loans generally have longer terms, lower equity requirements, and, in some cases, below-market interest rates. LDC packages SBA 504 loans, works with the state to provide assistance, and handles the City's direct lending programs. If there are questions, please contact John Parker, Director of Corporate Communications and Media at 314-363-1102 or email him at parkerj@stlouis-mo.gov

 

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