SLATE Micro-equity Infusion Program Encourages
Start-up Businesses in St. Louis

St. Louis, Mo. — Six fledgling entrepreneurs in the St. Louis metropolitan area each received a $7,500 micro-equity infusion loan at ceremonies May 20, according to Kevin Wilson, director of the St. Louis region Small Business Development Center. The loans, part of a program to encourage low-income and dislocated workers to establish their own businesses, were made possible by a joint effort of the St. Louis SBDC, the St. Louis Agency on Training and Employment (SLATE), and the City of St. Louis and St. Louis County Workforce Boards.

Attending ceremonies for recipients of micro-equity infusion loans May 20, at SLATE headquarters in downtown St. Louis were (left to right): Bill Grafeman, Bonnie Mireles, Trish Gregory, Jerry Roellchen, Roz Singleton and Robert Spence. Mireles, business services manager for the SLATE Career Center, administers the micro-equity infusion program. The sixth loan recipient, Michael Mascus, was unavailable for the photo.

The six new business owners completed a FastTrac New Venture class conducted by the St. Louis SBDC earlier this year. An advisory board selected the loan recipients from a field of 10 applicants using rigorous criteria that assessed: the quality of each entrepreneur's business plan and its implementation; the strength of additional start-up resources for each venture; each individual's business judgment and insight; and the clarity of each applicant's presentation to the board.

"These six people have worked hard, met stringent standards and demonstrated the drive and determination necessary to successfully start and maintain a business venture," says Wilson.

The six micro-equity loan recipients and their businesses: Bill Grafeman started a home inspection franchise; Trish Gregory opened a retail health supplement store; Jerry Roellchen developed a special device to help train hunting dogs; Michael Mascus invented a GPS device for cell phones to aid golfers; Roz Singleton started a spa; and Robert Spence established a restaurant.

The loans will be administered by SLATE and recipients will submit invoices monthly for review by the agency.

Contact the SBDC near you to talk to one of our business specialists about your plans to start a business or discuss the challenges you face in operating an existing business.

This story was featured in the June 2008 newsletter