Nixon discusses small business loan program in Columbia
Missouri Governor Jay Nixon stopped by Traditions in Woodworking, a Columbia woodworking shop, to talk about his 2010 Jobs Package and the results of his Missouri Small Business Loan Program launched last year.
“From day one when I took office, my top priority has been to turn this economy around,” Nixon said in a news release. “In fact, one of my first executive orders was to create this tool giving small businesses in Missouri access to low-interest loans to help them grow”
The Small Business Loan Program offers loans of $2,500 to $25,000 and can be repaid over 10 years at a 3 percent interest rate. As of Feb. 16, the program approved 44 loans totaling $1,055,159. Of the original loan pool approved by the Missouri Development Finance Board, an additional $894,841 is available for loans.
Nixon’s 2010 Jobs Package contains three major components.
The first proposal, which requires legislative approval, would provide eligible Missouri employers incentives under select economic development programs for being located in Missouri for at least five years.
The Missouri Science and Innovation Reinvestment Act (MOSIRA,) the second proposal, would create a fund for investment in new science and technology companies that relocate to Missouri. MOSIRA also requires legislative approval.
The Training for Tomorrow program is the final proposal in Nixon’s 2010 Job program. The program would provide a $12 million investment fun for job-training programs at Missouri community colleges. As a requirement for funds, community colleges must submit proposals to the Missouri Department of Economic Development explaining how they would uses the money and the programs they would expand. Training for Tomorrow does not require legislative approval.
Nixon said the economic challenges that face Missouri are tough, but the people of Missouri are tougher.
“By investing in our existing businesses, technology and training, I am confident we will create the jobs we need and move our economy forward,” Nixon said.