The City of Summersville will receive $450,000 in an interim financing loan to fund expenses for working capital to aid in the expansion of a business, Mo. Gov. Matt Blunt said Monday.
Back 40 Group plans to expand its Internet-based business from Hartshorn to Summersville. The governor said about 32 new jobs and $2.6 million in new investment will be created.
The firm sells books and videos at www.back40books.com.
Earlier, the firm announced plans to purchase a 15-acre tract north of Summersville for development of a corporate headquarters and other space needs. The property is situated north of the city’s corporate limits.
Back 40 Group has several divisions. The new building will house administrative offices, a retail store, audio and video studios, edit suites, an Internet operations center, CD/DVD manufacturing facilities, warehousing and an order fulfillment center. A five-acre, self-reliant demonstration farm will be constructed and operated by Resilience, a non-profit organization founded in 1998 by Back 40 co-founders Herman Beck and Linda Lee.
“This is exciting news for Summersville and Texas County,” Blunt said.
The funds will be provided through the Community Block Development Grant administered by the Missouri Department of Economic Development. Under the terms of the agreement with the state, the company will repay the loan plus interest.