Applicants must submit full application and supporting documentation, including a bank commitment letter to LDC two weeks prior to the board meeting. Approved projects are generally funded four to six weeks after approval. A business must be located in the City of St. Louis and be licensed to do business in the City. RLF loans will be collateralized to the fullest extent possible and require the personal guarantee of the principals. Actual RLF loan amounts are determined by the projected number of jobs to be created over a two year period.
Micro loans are available to start-up companies or businesses less than one year old.
Successful applicants must demonstrate a viable business plan and the inability to secure bank financing. Micro loans will be collateralized to the fullest extent possible and require the personal guarantee of the principals. Approved projects are generally funded four to six weeks after approval. The UEL Program is a State funded loan program focusing on assisting companies expanding in or relocating to the State designated Enterprise Zone or federally designated Enterprise Community areas. Locally, the UEL program is administered by the St. Louis Minority Business Council.