RMI Web Site

The RMI Microloan program is a Small Business Administration loan program focusing on assisting start-up and small companies in the state of Missouri. The loan fund is administered by Resource Missouri, Inc. a private for-profit corporation. Microloans are provided to help the small business owner gain access to capital that cannot be provided through conventional lending. Eligible businesses include small "micro" businesses, new or existing. All businesses must be for-profit to be eligible.

Microloans range from $500 to $25,000 and may be used for a variety of purposes including the purchase of business equipment, inventory and working capital (excluding owner's salary). Loans under this program have a minimum term of one (1) year and a maximum term of five (5) years. Interest rates are fixed at New York Prime +3% for the term of the loan. There are no prepayment penalties on the Microloans. Collateral includes personal guaranty, lien on assets, cosigners, etc. All micro-loan recipients receive one-on-one technical assistance to help in areas such as marketing, understanding financials, strategic planning and management.

Fees for the loan include direct loan costs; i.e. credit reports, filing fees etc. There is also a loan administration fee of $100 due with the application. For more information or an application visit RMI, Inc. at their Web Site (www.rmiinc.org) or contact their Jefferson City office by calling (573) 635-0136, toll free at 1-800-234-4971 or fax at (573) 635-5636.

---

Official Web Site of the City of St. Louis
This Page Last Modified: Monday, 19-Nov-2007 16:42:58 CST