By WMAY Newsroom
Photo: Kyle Hutchinson / Mid-West Family Broadcasting
Springfield aldermen have given their approval to a small business loan program after getting some assurances about more local involvement.
St. Louis-based company Justine Petersen will administer the program, which will be funded by the Small Business Administration and money from local banks. The company says it has entered into an agreement with the Springfield Black Chamber of Commerce to assist in identifying eligible small businesses.
The City Council also approved $75,000 to pay for a lobbyist to represent the city on key legislative issues. A request for proposals will be developed by the mayor’s office, but both it and a final contract must also be approved by aldermen.
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By WMAY Newsroom
Photo: Kyle Hutchinson / Mid-West Family Broadcasting
Springfield aldermen will resume their discussion of a small business assistance program at their next meeting Tuesday.
Mayor Jim Langfelder is once again turning to St. Louis-based microlender Justine Petersen to administer the program, which will provide loans to small businesses, with funding coming from local banks and the Small Business Administration.
Some aldermen say in the past, Justine Petersen has not been easy for some local businesses to work with, and they want more involvement from groups like the local Black Chamber of Commerce.
Springfield is looking to partner once again with a St. Louis microlender to provide loans to small businesses in the city.
City council at its meeting Tuesday is set to debate an ordinance that would establish a new $2 million microloan program, funded by area banks and the Small Business Administration.
St. Louis-based Justine Petersen would administer the COVID-19 recovery loan program. The city would provide $50,000 for the salary of the person working within the city s Office of Planning and Economic Development to help administer the loan and assist with program outreach. So what this will do is really give them the presence, the greater presence in Springfield to be able to fulfill the lending gap need that our community currently has, Mayor Jim Langfelder said.