Business Assistance & Financing
Businesses and manufacturers considering sites in St. Francois County, and existing businesses considering expansions, will find local development agencies and a variety of financial packaging and business development products to assist at the federal, state and local level.
Economic Development Assistance
A number of local, county and regional development agencies are available and can provide a host of services to businesses that are interested in locating in St. Francois County and to existing businesses which may be interested in expanding. In addition to the St. Francois County IDA, the Cities of Bonne Terre, Farmington and Park Hills also have active Industrial Development Authorities. Contact information for each IDA is listed below:
St. Francois County Industrial Development Authority
Courthouse, Presiding Commissioner
1 N Washington
Farmington, Missouri 63640
Bonne Terre Industrial Development Authority
Joe Layden, President
No.1A Northwood Drive
Bonne Terre, Missouri 63628
Farmington Industrial Development Authority
Stuart Landrum Jr., President
P.O. Box 191
Farmington, Missouri 63640
Park Hills Industrial Development Authority
Ken Douglas, President
5 Municipal Drive
Park Hills, Missouri 63601
Southeast Missouri Regional Planning and Economic Development
The Southeast Missouri Regional Planning and Economic Development Commission, located in Perryville, can provide a variety of services to assist new or expanding businesses. These services include providing economic and demographic information, preparation of Tax Increment Financing plans, map preparation, preparation of applications for grants and loans, administration of a revolving loan fund and the preparation of business plans. The Commission is a participant in the Certified Development Company process and provides financial analyses services to assist businesses and industries in qualifying for a variety of programs.
Small Business Development Center
The Small Business Development Center, located on the campus of Southeast Missouri State University, also provides a range of services to assist new and existing businesses. The services include confidential one-on-one business counseling and workshops and training seminars on a broad range of business-related topics, some targeting aspiring entrepreneurs and other focused on existing business.
In addition, the SBDC is a business information/resource center with a lending and reference library including printed material, audio/video tapes, computer software, and internet-based resources. The Center is a U. S. Census Data Center, a satellite office of the World Trade Center-St. Louis and a U. S. Small Business Administration Capital and Business Information Center. All Southeast SBDC counseling services, training and business resources are available to pre-venture, start-up and existing business clients.
Economic Development Financing
Industrial Development Bonds
Industrial development bonds, which can be used to purchase, construct, expand or equip industrial plants, can be issued by the St. Francois County Industrial Development Authority and provide lower interest rates since the interest on purchased bonds is exempt from both federal and Missouri income tax.
Under the Missouri Constitution, municipal bonds (either general obligation or revenue) can be issued by cities and sold for industrial development purposes.
Missouri First Program
The Missouri State Treasurer, in cooperation with the Missouri Department of Economic Development, provides for state funds to be deposited in local banks which can then make loans to companies for specific projects. This allows the lender to offer a lower interest rate to new or expanding manufacturers.
Southeast Missouri Revolving Loan Fund
The Southeast Missouri Revolving Loan Fund (RLF) is designed to provide gap financing to enable an entrepreneur to completely finance necessary elements of a job creation project. The “gap” consists of the available amount of private equity and monies made available through local lending institutions subtracted from the total project cost. The maximum amount of RLF funds that can be loaned to a single borrower is the lesser of 30% of the project costs, $175,000, or $15,000 per job created.