September 7, 2011
Missouri Small Business Loan Program broadened to include a wider array of applicants; providing loans to Joplin businesses to accelerate rebuilding process
Gov. Nixon announces small business loans to two Joplin businesses affected by the May 22 tornado
JOPLIN, Mo. - Gov. Jay Nixon today announced that two local small businesses severely affected by the May 22 tornado will be able to keep their doors open and employees working, thanks to the Missouri Small Business Loan Program. The two businesses, Powersports of Joplin and Wireless Connections, were each approved for a loan of $50,000.
"Small businesses are the engine of the Joplin economy, and their commitment to rebuilding exemplifies the spirit of hope and recovery that is moving this community forward," Gov. Nixon said. "We modified our Missouri Small Business Loan Program to assist local businesses impacted or destroyed by the tornado, so that they could get back on their feet as quickly as possible. These $50,000 loans will help these employers and employees to get back to work, which is vital to the health and wellbeing of their families, as well as the local economy."
Wireless Connections, which currently employs 10 workers, provides commercial satellite TV systems and custom home electronic systems. The business' original facility was destroyed by the tornado, and it has since moved to a temporary facility in Joplin.
Powersports of Joplin sells and services motorcycles, ATVs, scooters and power equipment. The business began nearly four years ago and currently employs 16 local workers. Powersports suffered dramatically decreased sales following the tornado.
On June 24, Gov. Nixon announced that the Missouri Small Business Loan Program would be broadened to include a wider array of eligible applicants, including businesses economically or physically impacted or destroyed by the Joplin tornado. These modifications included making retail and service businesses eligible and providing additional repayment options.
The Governor established the Missouri Small Business Loan Program in 2009 to provide approved small businesses with loans of up to $50,000. The terms of the loans are extremely competitive, with 3 percent interest payable over 10 years. Since the program's inception, 57 Missouri businesses have received loans, with $380,660 in funding remaining in the program to date.
For more information about or to apply for the Missouri Small Business Loan Program, please visit MO.gov.