Cities Across The Lake Area Could Get Funding Help For COVID 19

Local News Monday, June 15th, 2020

The Missouri Development Finance Board is expected to vote on Tuesday for a proposal that could offer additional loans to cities across the Lake Area that have seen a sharp decline in revenue due to COVID 19.

The St. Louis Post Dispatch reports the nearly $5 Million dollar plan would be limited to communities with a population under 25,000 people.

They say the program would allow the cities to repay the loan with no interest for a full year, but an interest rate of 2% would start in year 2 and then increase to 2.75% for years three and four.

Cities wanting to participate in the loan would have to certify they need it in order to prevent a disruption in government services.

Local News Monday, June 15th, 2020

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