Tag Team Uniforms

The Missouri Department of Economic Development announced that it has approved a $240,000 Action Fund Loan for the City of Licking.

The loan comes under the Community Development Block Grant program.

The funds will be utilized to fund working capital expenses.

The Action Fund Loan will assist Tag Team Uniforms Inc., to expand its facility in Licking. At least 30 new jobs will be created and new capital investment of $540,000 will be generated as a result of this project.

The project will have a significant economic benefit for Licking and the surrounding area.

During these tough economic times we must do everything we can to support economic development and help to create jobs,” DED Director David Kerr said. “I am very pleased we are able to bolster Licking’s economic development through the Action Fund Loan program.”

The CDBG Action Fund Loan provides loans to certain types of for-profit companies in need of funds for start-up or expansion that have exhausted other sources.

Upon application a city or county, DED may provide a loan to a business. Projects can only be in a “non-entitlement” area – a city under 50,000 in population or a county under 200,000 in population.

The loan is paid back by the company with a lower interest rate than is available from the banks.

 

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