Two Springfield companies gain loans
Money will help businesses expand
Springfield News-LeaderNews-Leader Staff
Friday, April 20, 2012
Two Springfield businesses have been awarded a total of $1.6 million to expand through the Missouri Treasurer’s Office and Oakstar Bank.
Relics Antique Mall and Technology Innovations, Inc. will be the recipients of the low-interest loans.
“Anytime we can keep businesses in Missouri and help them grow locally that is a good thing,” Treasurer Clint Zweifel said in a news release.
“We have two local businesses adding jobs, putting capital back into their operations and looking for new opportunities. Our economic development efforts have to include supporting businesses already in our borders, and the Missouri Linked Deposit Program does that.”
Relics Antique Mall will get a $1.3 million loan to expand operations at its Springfield and Mount Vernon locations.
Currently, the antique and collectible business employs five full-time workers as well as about 300 dealers. The loan will enable the company to add five additional full-time employees and 10 part-time workers.
Through using the Treasurer’s program, Relics will save approximately $116,000 over the next five years.
“We were thrilled with the savings the lower interest afforded us,” said Relics owner Matthew Robb in a news release.
“It is allowing us to expand our business and create jobs.”
Technology Innovations, Inc. is a computer sales and service company specializing in designing custom network solutions for businesses big and small.
The company will be using its $335,000 loan to increase cash flow and expand, the news release said.
More than $126 million in loans have been made in southwest Missouri through the Missouri Linked Deposit program. Qualifying borrowers save an average of 30 percent off the cost of the loan.