Loan programs help small biz grow and thrive
City Council recently approved contracts to allow City staff to provide loan servicing functions for two different loan programs through the Southwest Missouri Council of Governments (SMCOG) and the Springfield Finance and Development Corporation (SFDC).
SMCOG received an award from the U.S. Department of Commerce’s Economic Development Administration to capitalize and administer a revolving loan fund program that will lend to new, expanding, and existing businesses within Barry, Christian, Dade, Dallas, Greene, Lawrence, Polk, Stone, Taney, Webster, Barton, Jasper, McDonald and Newton counties. SMCOG and the City entered into an agreement whereby Economic Vitality staff will provide loan underwriting and processing services for applications received from the 14 counties served by the SMCOG funding. Application materials will be available soon. Learn more.
SFDC's focus is in the revitalization of Springfield’s center city area. A contract between SFDC and the City continues a partnership whereby Economic Vitality staff members process and service economic development loans for small businesses and entrepreneurs that will continue to stimulate business growth, job creation and leverage additional investments to benefit the community as a whole. Learn more.