FOR IMMEDIATE RELEASE
Thursday, July 14, 2011
Earth City-based Hummert International receives $1.8 million loan from State Treasurer Clint Zweifel
Manufacturer and distributor makes commitment to Missouri and retains all of its employees
Treasurer Zweifel touring Hummert International with Sonny Hummert (R), company president, and Jim Duever (L), company vice president.
While at Hummert International in Earth City, Treasurer Zweifel announces a $1.8 million loan for the company retaining 75 Missouri employees and keeping its international headquarters in St. Louis County. Company president Sonny Hummert (R) said the loan would significantly improve cash flow for his company.
EARTH CITY, Mo. – State Treasurer Clint Zweifel (ZWY-ful) was in Earth City today to announce Hummert International, international manufacturer, distributor and designer of horticulture supplies, equipment and services, was awarded a $1.8 million low-interest loan.
The loan directly affects the company’s Earth City-based international headquarters and its 75 full-time Missouri-based employees, all of which are being retained.
"This is a significant loan for Missouri – because it is not just about bringing businesses to Missouri –
it is about keeping them here too and rewarding their commitment," Treasurer Zweifel said.
"This is a 77-year-old Missouri-based innovator – now exporting to all 50 states and more than 70 countries.
This loan frees up a significant amount of cash for Hummert, to the tune of almost $200,000 over five years so it can continue to export expertise and goods, not its jobs. That has a real and significant impact on the company’s employees – 58 based in Earth City – and its customers, its suppliers, the region and Missouri."
Hummert International has 58 employees in Earth City, 8 employees in Springfield, Mo., five in St. Joseph, Mo., and 11 in Topeka, Kan.
August H. Hummert started his company with the original 16-page product pamphlet, and today it has a supply catalog with more than 688 pages printed and a web-based version that have set the industry standard. The loan will be used to refinance the company’s 83,000 square foot international headquarters, greenhouse, show room and warehouse; freeing up an estimated $200,000 in debt service over the next five years.
"For decades, our family has been devoted to providing high-quality merchandise with expertise and variety to our customers," said Sonny Hummert, president of Hummert International. "Our location in the St. Louis region is a strength for us as we export around the globe – that is why we are proud to keep our headquarters here. The Midwest has proven to be a great benefit to our success. The Missouri Linked Deposit Program has assisted in ensuring future growth in our business, helping us remain competitive in the horticulture market."
This loan was made in partnership with First State Bank of St. Charles.
"Working with an institution like Hummert International is what drives our commercial lending," said Dave Harris, senior vice president of First State Bank of St. Charles. "We are helping it get the capital it needs, and we are proud to continue working with Treasurer Zweifel to continue investing in more small businesses in our region – keeping those businesses here and keeping employees working."
The St. Louis region has received $99 million from 165 loans impacting nearly 2,000 jobs and farmers. Qualifying borrowers generally save 30 percent on the cost of the loan. More than $692 million in loans have been approved statewide impacting more than 11,250 jobs and farmers since January 2009.
About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers
are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally,
local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 130
lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders
and program eligibility guidelines are online at