Did you know that S.t Louis is ranked among the top 20 metros with a record of the most female-owned startups? Visit https://www.seekcapital.com/blog/cities-with-the-most-female-entrepreneurs/ for more details. That explains the potential of women entrepreneurs in building a new future for the City of S.t Louis, in terms of economic prosperity. S.t Louis creates a favorable environment where women entrepreneurs can easily start and grow successful business ventures. It continuously presents business opportunities, benefits, and grants to enable women founders to thrive in the highly competitive market. This article will provide more information on the available resources for businesswomen in the City of S.t Louis. Keep reading……
S.t Louis Professional Women Alliance (PWA)
The Professional Women Alliance in the city of S.t Louis is a group of professionals, including women entrepreneurs and business founders with the common interest of working together to achieve both personal and professional growth. The Alliance offers services that benefit the entrepreneurial growth of women in the city. The services include mentorship, networking opportunities through special events, and volunteering on projects that support the entrepreneurial development of women in S.t Louis. The goal of this alliance is to help women get access to business resources, enhance their careers, and assist them in making necessary connections for their professional growth. Find out more at https://stlpwa.org/resources/.
Begin New Venture Center (BNVC)
BNVC is designed to provide support to women entrepreneurs that focus on impacting their communities through their products and services. The center offers support to both startups and already existing women-owned businesses to ensure their success. The services include connection with professional services providers, funding opportunities, mentorship services, marketing assistance, and one-on-one daily business support. Visit https://www.stlouis-mo.gov/government/departments/sldc/economic-development/business-services/beginnvc.cfm for more details.
Business Licensing in the City of S.t Louis
Obtaining business licensing is mandatory for all women-owned enterprises operating within the City of S.t Louis. The requirements for licensing depend on the type of business you are engaged in. In some instances, you may need more than one business license. If you are opening other branches in different locations, you will need a license for each location your business is situated. Also, if you are operating with more than one trade name, you will need licensing for each one of them. And please note that you cannot transfer business licensing to another party. That means if you have to change the ownership of your business, the person buying must obtain a new license to operate smoothly. All businesses operating in the City of S.t Louis are required to seek for Graduate Business License. Some businesses may have additional requirements. For more information about business licensing in the City of S.t Paul, please visit https://www.stlouis-mo.gov/government/departments/sldc/economic-development/business-services/beginnvc.cfm.
St. Louis Local Development Co. (LDC)
LDC provides financial support to women-owned businesses located and licensed to do business within the city of S.t Louis. The organization only accepts to invest in businesses that promise growth and good returns through job creation and increased revenues. LDC supports through low-interest loans that qualified businesswomen can use to purchase new production or office equipment, acquisition of land, or for making improvements in the existing building. To be eligible for funding support, you must have created at least one full-time job for every LDC loan worth $35,000. Want to apply for the LDC funding? Well, you must be prepared to pay a $100 non-refundable fee at the time of application. You must also be ready to pay all the fees associated with filing, appraisals, and environmental surveys. Who funds this program? The U.S. Department of Housing and Urban Development (HUD) and the Community Development Agency (CDA) of the City of S.t Louis fund this program activity. For more information, please visit https://www.stlouis-mo.gov/government/departments/sldc/economic-development/financing/LDC-Commercial-Loan.cfm.
Business Site Selection
Want to select a site that suits your business type? Well, the Business Development Division of the S.t Louis Economic Development Partnership will support you in selecting the best site for your business. The BDD will assist you in identifying the available options for commercial real estate, including office, retail, or industrial land within the City of S.t Louis. Want to get access to the real estate properties located within S.t Louis? Please visit https://www.stlouis-mo.gov/government/departments/sldc/real-estate/lra-owned-property-search.cfm or https://www.stlouis-mo.gov/government/departments/sldc/sites-and-buildings.cfm for reference. For more details about support with business site selection in the City of S.t Louis, please visit https://www.stlouis-mo.gov/government/departments/sldc/economic-development/business-services/site-selection.cfm.
S.t Louis Business Development Fund
This fund program was established to provide financial support to women-owned businesses that are too risky for conventional loan products. To be eligible for the program assistance, your business must have a record of positive net worth, cash flow, swift management, and growing market potential. Your business headquarters must also be located in the Greater S.t Louis Region. Loans provided by this program range from $50,000 to $500,000. The loan interest rates range from 2% to 3%. If you don’t make payment on time, you will pay some fee for the remaining balance. All businesses, regardless of size are welcome to apply for this funding assistance program. Please visit https://www.stlouis-mo.gov/government/departments/sldc/economic-development/financing/busdevfund.cfm to learn more.
Small Loan Advantage Initiative
The Small Loan Advantage Initiative provides financial support to female entrepreneurs that meet the SBA eligibility requirements. You must have a better record of credit score and have business financial needs not exceeding $350,000. Most commercial banks provide the SLA and SBA-guaranteed loans to support the growth of women-owned small businesses. What are the eligibility requirements to participate in the Small Loan Advantage Initiative? The program provides support to both women-owned startups and already existing businesses in the City of S.t Louis. The company must be a for-profit type and must meet the small business qualifications as specified by the U.S. Small Business Administration (SBA). You must demonstrate good character as the owner of the business and have a good history in your credit score. How can you make use of the program funds? The loans can be used for the purchase of new equipment, starting a new business, expanding an existing enterprise, adding inventory, or making acquisitions for real estate property. you can also use the funds as working capital to run your daily business activities. How much assistance can you receive from this loan program? The maximum loan amount you can receive is $350,000, payable over 25 years. There is no minimum amount of loan for this program. For more information, please visit https://www.stlouis-mo.gov/government/departments/sldc/economic-development/financing/commexploan.cfm.