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Missouri expanding small business loan program

Missouri expanding small business loan program

December 29th, 2010 in News

Missouri is doubling the money that small businesses can get, in hopes of enticing more participation in a state loan program.

The program launched last year provides loans of up to $25,000 to businesses with five or fewer employees.

So far, a little over half of the $2 million loan fund has been awarded to 46 borrowers.

On Tuesday, the Missouri Development Finance Board voted to increase the maximum loan to $50,000 and triple the maximum number of employees that applicants can have to 15.

The loan fund still has about $830,000 available.