• St. Louis Press Pass

    Oct 28, 2016
    $220 million Ballpark Village expansion set in St. Louis
    (FOX Sports, 10/25/16)
    The $220 million second phase of Ballpark Village next to Busch Stadium in downtown St. Louis will feature a 29-story luxury apartment building with views of the playing field, along with office, retail, restaurants and entertainment space, the St. Louis Cardinals said Tuesday. >> CLICK FOR MORE
    Lambert could see 1 million more passengers this year than in 2015
    (St. Louis Post-Dispatch, 10/27/16)
    If the growth rate being experienced by Lambert-St. Louis International Airport continues through the end of the year, it will see one million more passengers than it did in 2015, the airport said Thursday. >> CLICK FOR MORE
    St. Louis has blockbuster month of job growth
    (St. Louis Post-Dispatch, 10/25/16)
    If the numbers can be believed, the St. Louis area just had its best month of job growth in a very long time. >> CLICK FOR MORE
    A look inside Cortex and the future of St. Louis jobs
    (KSDK, 10/27/16)
    There's a reason you keep seeing St. Louis on those lists for the best places for start-up companies. It's a 200 acre stretch of land in midtown with 250 companies and more than 4,000 employees. >> CLICK FOR MORE
    Scottrade To Sell To TD Ameritrade For $4 Billion
    (Forbes, 10/24/16)
    TD Ameritrade Holding Corp announced Monday that it will acquire Scottrade Financial Services in a deal that values the financial services firm at a total of $4 billion. >> CLICK FOR MORE
    4 Years Of Giving: Arch Grants’ Impact Since 2012
    (EQ, 10/27/16)
    With the Arch Grants annual gala coming up on Nov. 4, it’s a good time to look back over the last four years of Arch Grants and the impact the organization had made on St. Louis. >> CLICK FOR MORE
    GSK partners with startup to develop antibiotic alternative
    (FierceBiotech, 10/25/16)
    Fimbrion Therapeutics has been around since 2012, but it’s divulged very little about its research or its backers thus far. The St. Louis, MO-based preclinical startup has jumped into the limelight through a new partnership with GlaxoSmithKline ($GSK). >> CLICK FOR MORE
    Prosper Women Entrepreneurs eyes national expansion, membership program
    (Missouri Business Alert, 10/22/16)
    Prosper Women Entrepreneurs has plans for a national expansion and a membership program up its sleeve for next year. >> CLICK FOR MORE
    Isto, backed by Thompson Street Capital Partners, acquires medical device maker
    (St. Louis Business Journal, 10/24/16)
    The parent company of Isto Technologies, an orthobiologics company working to develop ways to repair and regenerate damaged or injured cartilage and bone, has acquired medical-device company Arteriocyte Medical Systems Inc. of Hopkinton, Massachusetts. >> CLICK FOR MORE
    St. Louis industrial market thriving as e-commerce helps drive demand for distribution centers
    (St. Louis Post-Dispatch, 10/28/16)
    Rents, occupancy and construction are up in St. Louis’ thriving industrial market. >> CLICK FOR MORE
    Illinois American Water contributing up to $245 million a year to state economy, study shows
    (Illinois Business Journal, 10/2016)
    Illinois American Water contributes many millions of dollars to the state economy, according to a partner study conducted with the University of Illinois’ Regional Economic Applications Laboratory. >> CLICK FOR MORE
    Town and gown: SIUE, Madison County form partnership to link campus and community
    (St. Louis Public Radio, 10/27/16)
    Consider a student who may be weary of strict academic lectures and wants to see where all of this classroom learning is going to fit into the real world. >> CLICK FOR MORE
    SIUE expands academic partnerships with LCCC
    (The Alton Telegraph, 10/26/16)
    Southern Illinois University Edwardsville is building on its foundation of previous 2+2 agreements with Lewis and Clark Community College. These 2+2 Partnership Programs streamline students’ transfer experience and support efficient progress toward completion of their bachelor’s in multiple programs. >> CLICK FOR MORE
    Municipal League Supports Bringing St. Louis City into St. Louis County
    (CBS St. Louis, 10/28/16)
    Stitching the city of St. Louis back into the fabric of St. Louis County after a 140-year separation now has the endorsement of the full membership of the Municipal League of Metro St. Louis, although last night’s vote was not unanimous. >> CLICK FOR MORE
    With $1 billion poised to flow into projects near campus, SLU wants development control
    (St. Louis Post-Dispatch, 10/23/16)
    There’s close to $1 billion — and probably more — ready to pour into development in midtown and neighborhoods to the south. >> CLICK FOR MORE
    Dierbergs wants to be new developer of Three Springs at Shiloh
    (Belleville News-Democrat, 10/25/16)
    The wheels are in motion for commercial development at the Three Springs at Shiloh after years of the 133-acre property sitting idle. >> CLICK FOR MORE
    City offers tax abatement to help Bevo Mill redevelopment
    (St. Louis Post-Dispatch, 10/22/16)
    Turns out the developers looking to revitalize the iconic Bevo Mill will need a little help after all. >> CLICK FOR MORE
    Regional leaders on how to turn St. Louis around
    (St. Louis Business Journal, 10/28/16)
    These discouraging statistics have area business leaders searching for answers. We asked them for their suggestions to turn the region. Here’s what they told us. >> CLICK FOR MORE
    MLS stadium rumors abound with MoDOT negotiating land deal with city
    (KTVI, 10/27/16)
    Could St. Louis be getting closer to picking a spot for a potential MLS stadium? >> CLICK FOR MORE
    Clayton aldermen to consider new tax plan for Centene project
    (St. Louis Business Journal, 10/26/16)
    A new development agreement would provide Centene Corp. $75.6 million in tax abatements for its planned $755 million mixed-use expansion in downtown Clayton. >> CLICK FOR MORE
    Chesterfield dome will mix sports and character development with nonprofit funding model
    (St. Louis Post-Dispatch, 10/22/16)
    City officials say a mega-project along Highway 40 that emerged Friday has the potential to transform the western edge of St. Louis County into a destination for youth sports teams from here and across the Midwest. >> CLICK FOR MORE
    125-room hotel planned on former Harry's site
    (St. Louis Business Journal, 10/27/16)
    Michael Mullenix, founder and CEO of Equis Hospitality Management, is in the beginning stages of planning a new hotel on the old Harry’s Restaurant and Bar property at 2144 Market St. >> CLICK FOR MORE
    Business is Scarily Good for the Haunted House Industry
    (CBS St. Louis, 10/27/16)
    Twenty-five years ago, Halloween was mostly about trick-or-treating. Now it’s a $10 billion business with more than $1 billion of that being ticket sales to haunted attractions. >> CLICK FOR MORE
    Shakespeare Festival St. Louis Announces First Production of 2017 Season
    (Broadway World, 10/23/16)
    Shakespeare Festival St. Louis announced today that The Winter's Tale will be the 2017 season main stage production at Shakespeare Glen in Forest Park. Both tragic and funny, the production is scheduled June 2-25; preview nights are set for May 31 and June 1. >> CLICK FOR MORE
    Saint Louis Fashion Incubator Breaks Ground In Style
    (Vital Voice, 10/27/16)
    Way back when, Washington Avenue was the place to sew and be sewn. Next to New York City’s Garment District, the district on the still-stylish street in downtown St. Louis was the leader in garment manufacturing in the United States. >> CLICK FOR MORE
  • Capital Access for Small & Minority Owned Businesses in Greater St. Louis

    Oct 25, 2016

    The St. Louis Regional Chamber, Regions Bank, and the Initiative for Competitive Inner Cities partnered to bring the Inner City Capital Connections (ICCC) program to St. Louis on September 29th at Washington University in St. Louis.  107 companies attended the program that provides training, financial education, and networking.  Businesses are mentored by bankers who specialize in small business lending and engage in learning modules where they are instructed by business experts and renowned academics.  The ultimate goal of the program is to provide growth businesses in urban areas with the resources and connections they need to attract capital and expand their business.  Of the 107 ICCC attendees, 68% of the businesses were minority-owned and 35% of the businesses were women owned.  Industries include accommodation & food service, business services, construction, education, health care & social assistance, manufacturing, media & publishing, technology & software development, transportation & logistics, and wholesale & retail trade.  In 2014, 90% of ICCC participants nationally were able to raise debt capital and 100% of ICCC participants were able to raise equity less than 1 year after their completion of the program. This program advances several aspects of the Chamber’s regional strategic plan including: economic development as well as inclusion & entrepreneurship.

    Small business financing is particularly important as small businesses have such a large impact on employment and economic development in the U.S.  Small businesses are not only responsible for employing nearly half of all private sector workers but have also been responsible for 64% of all new jobs created since 1995. Research has found that obtaining a business loan has a strong effect on the long-term financial position of a small business and that small businesses that receive funding are much more likely to continue to operate and enjoy higher revenues in the future.  The Small Business Administration (SBA) administers loans in the region through their 7(a) loan program and their CDC/504 loan program.  The SBA 7(a) loan program helps new and existing small business with financing while the CDC/504 loan program provides long-term financing for equipment and real estate. These loans are issued by local financial institutions but are guaranteed by the SBA.  The average small business loan in the St. Louis MSA for all reporting financial institutions in 2014 was $45,411 which exceeded the national average for small business loans of $38,265. SBA 7(a) loans are typically much larger than the standard small business loan, with the average 2015 7(a) loan in the St. Louis region equal to $342,038.


       Loans Approved   Total Amount of Loans    Average Loan 
     SBA 7(a)  553  $189,147,100  $342,038
     CDC/504  47  $36,033,000  $766,660
     Total  600  $225,180,100  $375,300

    Capital financing can be a particularly difficult problem for women and minority owned businesses who are typically far less likely to apply for loans than their male and nonminority counterparts for fear of denial.  New minority businesses are also significantly more likely to be denied for loans, even after controlling for factors such as organizational structure, credit score, and type of business.  The large growth in payroll, revenues, and employees that has been driven by a surge in the number of minority and women owned firms in the St. Louis region over the last several years highlights the importance of these businesses as growth drivers for wages, employment, and economic mobility.  However, the latest available data suggests that the revenues of these businesses continue to lag behind other firms.  St. Louis is prioritizing small & medium sized businesses and women & minority owned businesses by promoting programs, such as the SBA Loan Programs and Inner City Capital Connections (ICCC), that will help these companies attract capital and scale their operations.

    Sources: Inner City Capital Connections, U.S. Small Business Administration, Federal Financial Institutions Examination Council, U.S. Census Bureau, Inc.com, California Association for Micro Enterprise Opportunity, OECD, International Journal of Business and Management.