Urban Enterprise Loan Program

UEL ELIGIBILITY REQUIREMENTS

• Must be a for-profit company with less than 100 employees
• Must be located within the city of St. Louis
• Must be located within an eligible census tract block group
• Must create and retain at least one job for every $20,000 of UEL fund participation
• Maximum loan amount must not exceed 50% of the total project cost up to $100,000. For example, typical UEL structure will be 45% from the UEL loan, and 10% equity injection from the borrower.
• • UEL loans will be collateralized to the fullest extent possible and will require personal guaranty of principal/borrower

UEL ADDITIONAL TERMS AND CONDITIONS

• UEL Loans have an interest rate of 5%
• UEL Loans require first source of employment agreement with the St. Louis Agency on Training and Employment (SLATE) for a referral of new entry level positions.
• UEL loans require a bank commitment letter as evidence of private financing.
• UEL funds may be used to:
  • start a new business
  • purchase equipment
  • purchase inventory
  • use of working capital
  • purchase an existing business
• UEL funds may NOT be used to:
  • to retire debt s
  • to fund owners salary
  • to fund down payment on real estate
  • to pay taxes
  • to buy-out existing partners or stockholders

UEL FEE STRUCTURE

• Applicants are responsible for any closing costs associated with their UEL loan.
• A loan processing fee of 1.5% of the applicant's UEL loan is payable at the time of closing.
• A $100 application fee is due at loan initiation.

UEL REQUIRED DOCUMENTS