Officials with the Ozarks Small Business Incubator, 408 Washington Ave. in West Plains announced this month it has awarded microloans to Team Fusion West Plains and Montalto Coffee Co. in Houston.
Med Reed and JJ Speake in June received a $35,000 microloan through OzSBI to purchase Team Fusion of West Plains and upgrade the gym equipment and its fixtures. Team Fusion, 220 N. Kentucky in West Plains, offers a variety of classes including karate, boxing, kickboxing, mixed marital arts and jiu jitsu. Learn more by following @wpmojj on Facebook or drop in and visit between 5 and 9 p.m. Mondays, Wednesdays and Fridays; 4:30 and 9 p.m. Tuesdays and Thursdays; and noon to 1 p.m. Saturdays and Sundays.
In August, Sara and Tony Montalto, owners of Montalto Coffee Co. in Houston, received a $50,000 microloan through OzSBI to renovate a building and open a brick-and-mortar coffee shop. The Montaltos had been operating Montalto Coffee Co. from their coffee trailer, which will remain open and will continue to travel for festivals around the area and soon patrons will be able to find them at their new location at 1301 Sam Houston Blvd., Unit 2, in Houston.
OzSBI’s Microloan Fund offers microloans of up to $50,000 to qualifying businesses in Douglas, Howell, Oregon, Ozark, Shannon, Texas and Wright counties and within the city limits of Mammoth Spring, Ark. The goal of the program is to stimulate the local economy by providing startup and expansion loans to new and existing businesses, explained officials. Microloans may be used as direct loans, seed capital, or “gap” financing combined with other lending. The application process is similar to a traditional bank loan application. The main qualifiers for consideration are good credit and a sound financial plan.
For more information about the Ozark Small Business Incubator microloan program, please visit www.ozsbi.com or call 417-256-9724.
