Martinez awards state loans to 10 Missouri businesses

MANCHESTER, Mo. | Ten Missouri businesses have each received $25,000 in low-interest loans through a new state program.

They’re the first recipients of assistance from the Missouri Small-Business Loan Program, which was set up to help companies with no more than five employees. The loans must be repaid in 10 years and have a 3 percent interest rate.

Economic Development Director Linda Martinez stood in for Gov. Jay Nixon at an event Friday announcing the first round of loans.

Nixon tore a calf muscle playing a pickup basketball game Wednesday at his church in Jefferson City. A spokesman says the governor has a brace on his foot and is using crutches.