CAPE GIRARDEAU, Mo., Feb. 4, 2015 – The Missouri Innovation Corporation (MIC) at Southeast Missouri State University announced today the closing of the first business loan in 2015 under its Intermediary Relending Program (IRP) to recipient City Glass of Fredericktown, Missouri, for $45,000.
When City Glass became available for purchase after 40 years in business, Shannon Brotherton (a former employee) and his wife Vicki were extremely passionate about the opportunity to carry on the tradition of great service. With help in the form of financing from the MIC and New Era Bank, the Brothertons were able to pursue their dreams and become first-time business owners with the purchase of the glass service business specializing in auto glass and repairs. The business is open Monday through Friday from 8 a.m. to 5 p.m. and Saturdays by appointment and also does insurance work and industrial/heavy equipment glass services.
“We look forward to continuing to serve Fredericktown and also look forward to hiring in the future,” said City Glass Co-Owner Vicki Brotherton. “This has been a blessing, and we really want to thank everyone involved in this process for their support.”
Unsure of where to go for a small business loan, the couple turned to another local business owner who then connected them with New Era Bank. “We are very proud to help a small business in the area,” said New Era Bank Vice President Allison Boyer. “We look forward to seeing them grow.”
In the Brothertons’ situation, the MIC partnered with New Era Bank to help the couple purchase the business by providing gap financing. MIC Chief Operating Officer Brian Tapp hopes to help other aspiring enrepreneurs succeed by partnering with other primary lenders. To date, the MIC has loaned $120,200 of the $1 million investment it received from USDA Rural Development for the IRP revolving loan fund program.
IRP loan funds will continue to be made available by the MIC in the counties of Bollinger, Butler, Cape Girardeau, Carter, Dunklin, Iron, Madison, Mississippi, New Madrid, Pemiscot, Perry, Reynolds, Ripley, Scott, St. Francis, Ste. Genevieve, Stoddard and Wayne. Interested entrepreneurs and bank partners can contact Calvin Friedrich at (573) 651-2103 for more information or visit www.semo.edu/irie/mic.
About Missouri Innovation Corporation
The Missouri Innovation Corporation (MIC) is a non-profit organization dedicated to fostering business and community development to create new, high-value jobs and positive economic benefits for Southeast Missouri State University and the region. The MIC facilitates the process of innovation to enhance the regional economy, including the technology transfer and commercialization of innovations derived from research within the University. For more information, visit www.semo.edu/irie/mic.