Applications open for Missouri small business loans

JEFFERSON CITY, Mo. -- Missouri small-business owners looking for a little cash now can apply for help from the state.

The Missouri Small Business Loan Program is offering businesses with five or fewer employees loans of between $2,500 and $25,000.

But businesses will have to act fast if they want a share of the $2 million pool of money made available by the Missouri Development Finance Board. The application period began Monday and runs through June 26.

The loan program was proposed by Gov. Jay Nixon as a way of providing capital to small businesses struggling during the economic recession.

Businesses can receive loans at a 3 percent interest rate, typically to be paid off in 10 years or less.