Business development leaders propose $400K loan

CAPE GIRARDEAU, MO (KRCU) - Cape Girardeau’s business development leaders want the city to apply for a $400 thousand action loan under the Community Development Block Grant program.

The loan money would be used to help persuade a manufacturer looking to open a plant in Cape Girardeau.

The city would apply for the loan through the Missouri Department of Economic Development.

Cape Girardeau’s Area Magnet director Mitch Robinson is eager to draw in the business. He is optimistic the city will seal the deal if the loan is approved.

"I think right now where in the front position, they wanna come here we want them to come here," Robinson says. "Now we just gotta work out all the details and get the right place for them and get them pined down and get the deal done as they say."

Robinson said the loan would have to be repaid at a four percent interest rate.

Robinson could not disclose the identity of the manufacturer, but said that 20 jobs would be created.

The loan application was brought up at Monday’s City Council Meeting.

Tim Filla, KRCU

Posted in: Cape Girardeau Area MAGNET,Cape Girardeau City Council,Mitch Robinson,Tim Filla