ST. LOUIS — In an effort to redevelop parts of north St. Louis. $30 million in American Rescue Plan Act funding will be given to businesses and nonprofits to help with construction, payroll expenses and even improvements to their building's exterior.
“(We need) working capital. This is the main thing were having problems with,” said Mihret Asfaw, the owner of STL Transportation.
Asfaw is working to make improvements to a building, including tuck-pointing on the outside and flooring on the inside. His shuttle service helps transport students to school.
"Recently the need picked up,” Asfaw said.
The small business has had to focus on operating priorities over building repairs, and Asfaw said he got held up with funding as a result.
"In our city's history, we've seen some neighborhoods that have thrived while others have continued to decline,” said Neal Richardson, the president of the St. Louis Development Corp.
Richardson said the money will include grants ranging from $15,000 to several hundred thousand dollars.
St. Louis Development Corp. has acquired the former Killark Electric manufacturing plant on Vandeventer Avenue to offer even more economic opportunities.
"We will have resources for small businesses. We'll have workforce development programs. We'll have manufacturers on site that are producing products, hiring people from the community and helping rebuild the community itself," Richardson said.
Similar programs are happening currently at Sumner High School at the Economic Empowerment Center that opened in 2022.
"That's how we grow our tax base. That's how we grow our city population and actually keep people in our community,” Richardson said. "It's long overdue and it's just the beginning though."
Hundreds of businesses have applied for assistance, with some already receiving funding. Others have been told they will soon be awarded.
St. Louis Development Corp. first has to ensure applicants are up to date on taxes and business license.