New loan program offers boost to minority-owned businesses in St. Louis
It aims to boost access to capital, offering millions in funding to help entrepreneurs grow and thrive.
ST. LOUIS, Mo. (First Alert 4) - A new loan program backed by some of St. Louis’ largest institutions aims to boost access to capital, offering millions in funding to help local entrepreneurs grow and thrive.
“We wouldn’t be here without them, that’s a fact,” said Freddie Lee James Jr., owner of Freddie Lee’s Gourmet Sauces. “They look at small businesses.”
James and his wife, Deborah, started their business with limited resources, producing their sauces at home.
As demand for their products grew, securing the capital needed to expand proved difficult until they found through the St. Louis Community Credit Union.
Now, the credit union is expanding its commitment to small business owners like James.
With nearly $15 million in funding from BJC Health System, SSM Health and the James S. McDonnell Foundation, the institution has launched a new loan partnership aimed at providing accessible and affordable financing for minority-owned businesses.
“We understand there has been historically a disadvantage for businesses owned by people of color in underserved markets,” said Alex Fennoy, Senior Vice President of Community and Economic Development at St. Louis Community Credit Union.
The loan program seeks to address economic disparities that often prevent small businesses from scaling up. Christopher Nolan of BJC Health System says financial stability is directly linked to health outcomes.
“When we think about health and income being tied together, we need to address the factors that are creating those disparities in the first place,” Nolan said.
SSM Health, one of the program’s key backers, views economic opportunity as a pillar of community well-being.
“Increasing economic opportunity, increasing the ability to provide for one’s self, family, and community is a really important aspect of that,” said Karen Bradshaw, Director of Community Health for SSM Health St. Louis and Southern Illinois.
For James and Deborah, the impact has been immediate. With their loan, they’ve expanded into a larger facility in North St. Louis and are preparing to grow their brand even further.
“The sky’s the limit,” James said. “It would really help a lot of other small minority businesses.”
The St. Louis Community Credit Union is currently accepting applications for loans. More details are here.
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