St. Louis County to offer businesses flood relief loans

May 02--The St. Louis County Port Authority plans to establish a $500,000 loan fund to help businesses damaged by the flooding along the Meramec River and other waterways.

An emergency meeting was scheduled for 2 p.m. Tuesday to get board approval for the loan fund, which would offer financing to St. Louis County businesses and commercial property owners impacted by flooding.

Interest free loans worth up to $25,000 would be made available to repair flood damage not covered by a business's existing insurance policy, according to a resolution sent to the board. Loans would be due within two years and secured by the repaired or replaced buildings and equipment.

The Port Authority approved a similar loan program during the winter flooding that started in December 2015. The fund made 20 loans worth $450,000 to businesses that employed 491 workers, according to the St. Louis Economic Development Partnership, which staffs the Port Authority.

Business and property owners who believe they qualify should contact Joe Bannister at the St. Louis Economic Development Partnership at 314-308-5062 for more information.

The Port Authority uses rent money, close to $5 million annually, from a lease with the River City Casino to pay for economic development activities in St. Louis County.

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