The Meramec Regional Planning Commission (MRPC) has recently received a grant from EDA to create a new $750,000 revolving loan fund (CARES RLF) designed to be able to quickly and efficiently provide financing to businesses that have been impacted by COVID-19. As you may know, MRPC administers SBA 504 loans and MRPC’s existing Revolving Loan Fund programs. The CARES RLF will be structured somewhat differently from the existing loan programs as EDA (the federal funding agency for this grant) is allowing these funds to offer lower interest rates and finance a greater percent of the total loan projects (up to 100%).
The relationships that MRPC has built with lenders throughout the Meramec region are extremely important and valued. As is true with the other loan programs administered by MRPC, it is the intent to structure the CARES RLF to support small businesses’ needs quickly and efficiently while ensuring that the relationships MRPC has built with lenders in the region are maintained. We have developed a survey that is designed to collect input from our valued business financing partners throughout the Meramec region and will be sending this survey out to you.
We hope to have the CARES RLF program policies in place by the middle of October and we will be reaching out directly to all lenders in the region to share information on this loan program by the middle to end of October.
Please free to contact me directly with any questions or concerns you may have. I have recently joined the MRPC business loan programs to assist with the CARES RLF program in particular and am looking forward to working with lenders throughout the region to help small businesses in this critical time of need.
Thank you for time and attention. A survey will be sent today to your email address and we hope to have the surveys completed by Sept. 21, 2020. Your input is very much appreciated and valued!
Candace Connell/Business Loan Specialist
T: (573) 263-8651
#4 Industrial Drive
St. James, MO. 65559