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Governor Jay Nixon announced Monday that small businesses can now apply for special loans through a new program meant to relieve pressures brought about by the tough economy. KSMU's Jennifer Moore reports.
Missouri businesses with five employees or fewer may apply for the loans. The loans range from $2,500 to $25,000. They are typically repaid over a ten-year term, and come with a low interest rate of 3 percent.
To apply, Nixon’s office says businesses can go online to download an application. That website is: www.ded.mo.gov/MOloan/index.htm.
One of Nixon’s first acts upon taking office was the issuance ofan executive orderwhich instructed the Missouri Department of Economic Development to create a tool for helping small businesses access much-needed capital.
For KSMU News, I'm Jennifer Moore.