SMALL BUSINESS ADMINISTRATION LOANS HELP CREATE 195 NEW JOBS

The St. Louis district of the Small Business Administration (SBA) approved 25 loans for businesses in eight Southeast Missouri counties during the 1991 fiscal year. The combined amount was $3,598,000.

The loans helped create 195 new jobs. At least three businesses were started with the loans and others were expanded.

Seven of the loans were for Cape Girardeau County businesses, in the amount of just over $2 million, creating a total of 45 new jobs. Mississippi County obtained two loans for new businesses, which produced 53 new jobs.

The list of loan of loan approvals includes:

Butler County: Five loans for $310,600, creating three jobs.

Cape Girardeau County: Seven loans, for $2,063,000, creating 45 jobs.

Dunklin County: Two loans for $195,000, creating seven jobs.

Madison County: One loan, $36,000, seven new jobs.

Mississippi County: Two loans, $206,300, 53 new jobs.

Pemiscot County: Two loans, $105,000, four new jobs.

Scott County: Four loans, $277,000, six new jobs

Stoddard County: Two loans, $569,000 jobs, 70 new jobs.

The St. Louis office approved 254 loans totaling $45,959,797 in the eastern half of the state, creating a total of 1,724 new jobs.

Bob Andrews, director of the St. Louis District, said 30 percent of the loans were made to new businesses.

SBA was created in 1953 by Congress to assist the nation's small business community. Its congressional mandate is to assist small businesses in starting and staying in business. SBA has legislative requirements that there be reasonable assurance of ability to repay loans and that applicants have a reasonable equity investment and adequate collateral.

Boatmen's National Bank of St. Louis was the top lender in volume of SBA guaranteed loan approvals during the fiscal year. Boatmen's made 22 loans totaling $3,513,634. Mercantile Bank of St. Louis made 20 loans totaling $2,649,650. The Money Store of Clayton loaned $3,482,800 on seven loans.

Other lenders that loaned more than a million dollars included Southwest Bank of St. Louis, $1,204,050; First National Bank of Sikeston, $1,146,500 and Central Trust Bank of Jefferson City, $1,000,750.

"All banks are eligible to participate in our loan programs," said Andrews. Additional information about SBA lending programs is available by calling (314)-539-6600.