Monday, Sep. 28, 2009

Stimulus $$$ at work: Metro-east woman uses funds to launch store

COLUMBIA -- It turns out that Margaret Ryan-DeBonis was in the right place at the right time.

While in the process of applying for a loan two months ago, she and her husband were attending an open house at their bank, Midland State Bank in Waterloo, when she learned how the federal stimulus package could help a burgeoning entrepreneur like her.

"We thought it would be a great opportunity to meet top officers in the bank," Ryan-DeBonis said. "They invited a lot of customers."

The couple were talking to one of her husband's acquaintances who had been a member of the Monroe County Board. The man suggested they consider Community Development Block Recovery funding made possible by the $787 billion American Recovery and Reinvestment Act.

After inquiring about the funding, the couple were called on a Tuesday, met with the Monroe County Board on Wednesday and made a presentation to the board about how the money would be used in establishing a new business. The couple completed an application, which was driven to Springfield to meet the deadline that Friday.

"It was very quick," Ryan-DeBonis said.

"The timing happened to be perfect."

That was late July. Ryan-DeBonis' request was approved, and she secured $85,000 from the stimulus package. She opened her own franchise of Allegra, a marketing, printing and mailing service at 117 Southwoods Center in Columbia, last month. Allegra is a subsidiary of Allegra Network LLC, one of the world's largest print and graphics communications franchises with more than 550 locations in North America.

Ryan-DeBonis was able to use the funding, of which 75 percent is a low-interest loan and 25 percent is a grant, to purchase $200,000 in state-of-the art, digital printing equipment. Most of the equipment cost $30,000 to $40,000 apiece.

"It really opened our eyes to the fact that a lot of businesses are so focused on (the Small Business Administration) and tend to overlook local county economic development and what grant money is available," Ryan-DeBonis said.

Rep. Dan Reitz, D-Steeleville, worked with the Monroe County Board to secure the funding for Ryan-DeBonis. Reitz has worked with local, state and federal government to ensure families and businesses in the area are provided such opportunities. He said he believes the success of local businesses is important to the vitality of the nation's communities.

"I think that is the intent of the stimulus dollars, to try to pump revenue into communities," Reitz said. "I think it's very good when local communities can start new businesses to help existing businesses maintain the workforce they have. That was an initiative of the Monroe County Board through (the Department of Commerce and Economic Opportunity). We're just happy any dollars can flow through to help businesses grow and to develop new business in the area."

Ryan-DeBonis also is starting her own business later in life than most entrepreneurs. She lost her job at Met Life in South St. Louis County two years ago after 17 years with the insurance and financial services company. Her division was sold, and she was one of 400 employees who were laid off.

Now, at 57, she and her only employee at her franchise are producing marketing, design, print and mail service as a certified mailer of the U.S. Postal Service. She and her husband decided on Allegra after thoroughly researching other like companies.

She said some have told her that she "is out of your mind" to be establishing a business at this point in her life. But she disagrees.

"The way we look at it, it's a great time to start a business," she said. "We were able to acquire equipment at prices that we could not have had in this economy. We're strong. You have to look at it that way. I think the economy is starting to recover, slowly. The fact that the economy is down has actually been a blessing to help us getting started."