Pitch Pool Program

Growing Fund – Gap financing for small businesses to promote entrepreneurship in Downtown Moberly​

  • Purpose: The purpose of the Pitch Pool Fund is to promote new business investment and job creation within the boundaries of the CID. Both start-ups and existing businesses are eligible for funding. The revolving loan fund will make loans to businesses who meet the following requirements.
     

  • Eligibility Requirements: A for profit company located within the boundaries of the Downtown Moberly CID. Demonstrate growth potential, job creation/retention and investment in the CID. No refinancing of existing debt. Borrowers must be US citizens or the corporation must be held by at least 51% US citizens. Requires participation in Grow Mid-Missouri programming and a completed and approved business plan to include financial projections.
     

  • Administrative Procedures: requesting financial assistance from the CID. The applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below.
     

  • Project Award Criteria: Business located within the boundaries of the Downtown CID. Existing businesses with a positive history. Startups will be eligible but growth opportunities for existing businesses will be given priority. Demonstrate growth potential, job creation, increased taxable sales, increased foot traffic in CID, increases retail activity in CID
     

  • Lending Requirements: Credit worthiness of the borrower. Loans that will retain and create jobs, with priority given to jobs with quality salary and benefits. Borrowers must show their knowledge of business management and business experience by completing the Grow Mid-Missouri programming with an approved business plan to include financial projections.
     

  • Use of Funds: Funds may be used for tangible assets including but not limited to equipment, inventory or other items at the discretion of the CID board.
     

  • Borrowing Limits: Eligible applicants can borrow up to 15% of the total project investment. Lending limits will be determined on a case by case basis.
     

  • Interest Rate: The interest rate will be determined by the participating bank. The Pitch Pool funds will be used to guarantee loans or “buy down” interest rates.
     

  • Loan Terms: Loans will be paid with monthly installments as per the amortization schedule provided at loan closing. Loans will have a 3 to 5 year payback term as dictated by MAEDC. Direct debit payments will be required.
     

  • Fees: Application fee is $100. Late payment and other fees will be outlined in a definitive Agreement satisfactory to all parties.
     

  • Conditions/Covenants: Additional lending conditions and covenants will be outlined in a definitive Agreement satisfactory to all parties.
     

  • Project Monitoring: Loan recipients are expected to continue utilizing applicable GMM training resources after their loan is finalized. An MAEDC staff member will inspect each loan recipient bimonthly during their normal business hours. Should it appear the business is not working their posted business hours, or another problem has surfaced the staff member shall notify the Chairman of the CID board in writing via email or USPS. The Chairman of the CID board, or his designee, shall visit and inspect the business. Monthly an MAEDC staff member will confirm via email, telephone call or in person visit with the CID board that Pitch Pool payments were made from each recipient. In the event of any default or late payment the CID board shall have final authority to foreclose on the loan.

Moberly Area Economic Development

115 North Williams, PO Box 549

Moberly, Missouri, 65270

info@moberly-edc.com

660-263-8811

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