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Commerce Department Investment Increases Access to Capital to Disaster-Impacted Businesses in Missouri

June 18, 2010
Contact: John Atwood, (202) 482-4085

Meramec Regional Planning Commission of St. James to Leverage Funding to Revitalize Revolving Loan Fund

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $375,000 grant to the Meramec Regional Planning Commission of St. James, Missouri to recapitalize a Revolving Loan Fund that is essential to providing gap financing to businesses impacted by the 2008 disasters.

"This EDA grant will provide small business owners in St. James, Missouri with the capital they need to recover, expand, maintain operations and serve as a catalyst for creating jobs in this disaster-impacted region," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez.

"This important EDA funding will allow the Meramec Regional Planning Commission to continue to support entrepreneurship activities by providing capital to businesses recovering from the disasters and those seeking to start new businesses as a result of the disasters in the Meramec region," said Richard Cavender, Executive Director, Meramec Regional Planning Commission.

Recapitalization of the Meramec Regional Planning Commission Revolving Loan Fund will provide needed capital to businesses in the Stafford designated counties of Crawford, Dent, Gasconade, Maries, Osage, Phelps, Pulaski and Washington, which have been impacted by the Midwest Disasters of 2008.

About the U.S. Economic Development Administration (www.eda.gov):

This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.