Grow Missouri Loan Fund (Missouri)

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Last modified on February 12, 2015.

EZFeed Policy

Place Missouri


   
Applies to States or Provinces Missouri
Name Grow Missouri Loan Fund (Missouri)
Policy Category Financial Incentive
Policy Type Loan Program
Affected Technologies Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy
Active Policy Yes

Implementing Sector State/Province
















Maximum Incentive The Grow Missouri Loan cannot exceed: (a) 10% of the total “leveraging sources of funds” (private loans and equity); (b) $3 million per qualified company; or (c) $75,000 per new and/or retained job, whichever of these would result in the lowest amount.










Program Administrator Missouri Department of Economic Development
Primary Website http://www.ded.mo.gov/BCS%20Programs/BCSProgramDetails.aspx?BCSProgramID=104



Last Review 2014-07-03
Last Substantive Modification
to Summary
2014-07-03

Information Source http://www.ded.mo.gov/upload/GrowMissouriLoan.pptx


Summary

The Grow Missouri Loan Fund is open to private companies with fewer than 500 existing employees. One of the key advantages of the program is that the funding can be used as a prior commitment for obtaining future project funding. Principal and interest payments may be deferred for up to 3 years. Applicants must demonstrate a reasonable ability to create at least 1 new or retained job for every $75,000 of Grow Missouri Loan funding within 5 years of approval. Such new or retained jobs must have average wages that are at least 80% of the county average wage, or 70% within Enhanced Enterprise Zones or MBE/WBEs.

Generally, for-profit “primary” companies (that mostly sell/compete outside the local market area) are eligible. The applicant must offer to pay at least 50% health insurance for all Missouri employees.

The Grow Missouri funds and the other “leveraging sources of funds” (private loans and equity) to be used for the project may not be used for refinancing existing debt or replacing existing equity. There is no prohibition on the use of “non-leveraging sources” (direct public sector funding) for refinancing. None of the “leveraging sources of funds” can have been spent prior to the DED’s approval of an application.

The expansion project does not involve relocating the project facility from another community in Missouri, or if so, the existing community has endorsed the relocation to DED. Also, this project does not, or will not, cause the reduction of employment at a related facility located in Missouri.

The qualified company (including affiliates) must have less than 500 full-time employees (full-time equivalent basis) at all locations, inside or outside Missouri, at the time the application is submitted.

The Grow Missouri Loan cannot exceed: (a) 10% of the total “leveraging sources of funds” (private loans and equity); (b) $3 million per qualified company; or (c) $75,000 per new and/or retained job, whichever of these would result in the lowest amount.

Applications for the available funding of $10 million will be received at any time until the funding is exhausted.



Policy Contact

Department Missouri Department of Economic Development
Division Division of Business and Community Services, Business and Community Finance Team
Address 301 West High Street, Room 680
Address 2 P.O. Box 118
Place Jefferson City, Missouri
Zip/Postal Code 65102
Phone (573) 751-4539

Fax (573) 522-4322
Email dedfin@ded.mo.gov
Website http://www.ded.mo.gov/BCS%20Programs/BCSProgramDetails.aspx?BCSProgramID=104
     
     


















References