St. Louis-area small businesses are under an enormous amount of stress as many have had to close their doors to due to COVID-19. While the U.S. Small Business Administration is offering disaster loan assistance, 10 local St. Louis banks, including UMB Bank, are also stepping in to help the community. Here we explain the economic development program, how UMB is helping and what this means for small businesses in the region.
What is this new loan program?
UMB Bank, the St. Louis Economic Development Partnership and nine other local banks have created a new fund to support small business during this tough time. The group of banks committed a total of $500,000 to the Small Business Resource Program (SBRP) loan fund. Companies can apply for loans through this program with no fees and a 0% interest rate. The goal is to bring money back into our community and our small businesses fast, and this program was designed to help companies that need it immediately.
How is UMB Bank helping?
This is a true example of how UMB supports its communities. By pulling together our resources and responding quickly, we hope that this loan program is able to assist businesses immediately and make a real impact. Small businesses are under an extreme amount of pressure right now, and we believe this kind of program is critical to supporting and bringing money back into our local economy and lifting up our small businesses. We are thankful to be working with great community partners and alongside other bank leaders who came together quickly to help the community we live in. This is truly a team effort, and we are proud to be a part of it.
What does this program mean for small businesses?
The funding from the bank group allows business owners to get a 0% interest loan for up to $5,000, but we hope it does so much more. We hope this allows businesses to breathe and continue to pay and support their employees through this extremely challenging time. We hope this immediate support is just that, immediate. And we hope it provides a much-needed cushion for businesses to continue operations or stay in business through this health crisis.
How do small businesses apply?
Any small business that has experienced economic damage and hardship due to COVID-19 in the City of St. Louis and St. Louis County can apply for this loan. They will apply to the St. Louis Economic Development Fund (SLEDF), which will administer the loans on behalf of the bank group. Companies will need to show how employees’ jobs are threatened by the current health crisis and explain how this loan will help keep employees on the payroll.
For more questions about this loan or to apply today, please visit STL Partnership website‡.
If you are interested in learning more about how UMB can help your business as a financial partner, visit our website. Stay informed on industry trends and noteworthy company news by visiting our Industry News section on umb.com. Follow UMB on LinkedIn, Facebook‡ and Twitter‡ to see regular updates about our company, people and timely financial perspectives.
When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.