New Low-Interest Loans to Help Contractors & Suppliers Mobilize for Large-Scale Projects
To provide short-term loans to small contractors and suppliers serving as vendors to a major employer or on a construction project, SLDC has invested $2.5 million to create a new loan: MobilizeSTL. In partnership with Rise CDFI, MobilizeSTL will offer bridge loans to help improve cash flow while contractors/suppliers navigate the 30-60-90-day or more pay process and overcome other funding delays that come with participation in major projects.
In alignment with SLDC’s Economic Justice Action Plan, to bolster the creation of wealth — particularly in black communities in St. Louis — Rise CDFI provides tailored technical assistance geared toward building capacity for women- and minority-owned firms to increase their participation in larger scale projects and foster diverse business growth.
About MobilizeSTL Contractor & Supplier Loans
Uses – These loans help bridge the costs of initial contract mobilization, allowing your firm to deliver on contract terms from day one, well before regular pay cycles begin.
Loan-to-Value – Up to 50% of contract total
Term – 3 to 18 months depending on construction schedule
Recourse – Full recourse to the borrower
Estimated Time to Close – Upon receipt of all required application materials via online portal, closing can take place within 30 - 45 days
Fees – No application fee, borrower pays any related costs plus 1% origination fee
Interest Rate – 4% fixed rate
Prepayment – No prepayment penalties
Collateral – Personal guaranty and signed construction or supply contract
Complete the Program Eligibility Questionnaire
Get Started! Completing the questionnaire is a proactive step in preparing to apply for funding. It helps us assess your readiness and connect you with the right resources and support.
Remember: This questionnaire is a vital tool in your lending preparation, but does not guarantee loan approval or program acceptance.
Completing the questionnaire does not provide a credit decision, secure a spot on a “waiting list” for MobilizeSTL or offer a guarantee of funding. It simply alerts SLDC of your interest in MobilizeSTL. A completed questionnaire begins the process of verifying eligibility and will trigger a response from SLDC within 10 days with an estimated timeline of the MobilizeSTL launch and follow-up communication.
The MobilizeSTL Contractor & Supplier Loans are wholly funded with Coronavirus State and Local Fiscal Recovery Funds (SLFRF) passed through the City of St. Louis Community Development Administration (CDA).
SLDC does not determine creditworthiness or make lending decisions. Meeting program eligibility requirements does not guarantee funding.
