Today, Governor Nixon's office announced the names of the first ten low-interest loan recipients as part of Nixon's Small Business Loan Program. The initiative provides capital for small business at affordable rates.
The new loan program was approved 7-1 by the Missouri Development Finance Board in April. Only Lt. Governor Peter Kinder voted against the proposal.
Kinder is a vocal opponent of the loan program, criticizing it as too small and too risky. In his words, the $25,000 loans wouldn't allow an entrepreneur to buy much more than "a desk and a computer and a chair."
I haven't spoken to any of the recipients, but have to assume they disagree with Kinder's assessment. The first round of businesses include:
- Around the Table of Eureka ($25,000), an award-winning manufacturer of unique conversation and story-telling card games. The owner of Around the Table, Beth Daniels, spoke at today's news conference about how the loan would help her increase inventory and hire a new employee. Bradburn's Parent Teacher Store is one of the retailers that sells her company's games;
- Alva Allen Industries of Clinton ($25,000), a manufacturer of heavy-duty, industrial punch presses, including standard models, double ram presses, half presses, main frames and air clutches;
- Generator Studio LLC of Kansas City ($25,000), an architectural and planning firm that specializes in sports, retail, hospitality and commercial architecture, combining branding with design in the process;
- Flett Enterprises LLC of Rolla ($25,000), a commercial and residential plumbing construction and repair firm that specializes in piping, hydronics, steam and industrial;
- Busch Trucking and Excavating LLC of Marthasville ($25,000), a trucking firm that specializes in dump truck hauling of rock, sand, gravel, dirt, asphalt and cinders.
Other recipients include Neu Consulting of Kansas City; Patterson Auto Group LLC of Springfield; Trinity Web Solutions of St. Louis; Arrow Gates and Security of Odessa; and Burke Timber of Marionville. Each recipient has been approved for a $25,000 loan.