In this episode, Raj Tut hosts Jeff Colona and Darrell Scott, two key leaders from the St. Louis Economic Development Partnership (STL Partnership). Jeff serves as the director of the Heartland Regional Investment Fund and has a wealth of experience in residential and commercial real estate, having overseen over $200 million in sales during his career. Darrell, the Vice President of Business Finance at STL Partnership, brings decades of expertise in community banking, small business lending, and economic development to his role. Both guests are deeply committed to revitalizing the St. Louis region and fostering equitable economic growth through innovative lending programs and impactful projects.The episode dives into how the STL Partnership supports local businesses and communities through initiatives like the SBA 504 loan program and New Market Tax Credits. Jeff discusses the transformative potential of the Heartland Regional Investment Fund in financing projects in underserved areas, such as community centers and workforce development hubs. Darrell highlights his team’s hands-on approach to helping small businesses secure funding, emphasizing the importance of strong business plans and building community relationships. Together, they provide actionable insights for entrepreneurs, developers, and community leaders looking to drive economic impact in the St. Louis region.

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Connect with the Guests

stlpartnership.com

Timestamps:

00:00 Preview

00:05 Overview of the St. Louis Economic Development Partnership

01:24 Insights on the Heartland Regional Investment Fund with Jeff Corola

03:37 Jeff’s career journey from real estate to economic development

05:32 Key projects revitalizing St. Louis, including Operation Food Search and RR Marketplace

06:58 How to qualify for New Market Tax Credits and the program’s impact

08:45 Advice for developers: Planning and engaging with STL Partnership

11:12 Funding scenarios: How STL Partnership supports underserved communities

13:08 Mixed-use developments and New Market Tax Credit requirements

15:14 The Jackie Joyner-Kersee Food Agriculture and Nutrition Innovation Center project

17:04 Overview of short-term loans and additional innovative funding programs

19:26 Collaboration with local and national banks for community impact

21:45 Addressing job creation and workforce development in funding decisions

23:48 Jeff’s “hole-in-one” advice: Staying humble in business and partnerships

25:00 Transition to Darrell Scott’s segment: His role in business finance at STL Partnership

27:14 Darrell’s upbringing, education, and first exposure to business

30:02 Career journey: From Sherwood Medical to community banking

33:48 Why Darrell joined STL Partnership: A commitment to service and community impact

36:12 Overview of STL Partnership’s SBA 504 loan program and its benefits

38:25 Small business lending: Overcoming hurdles like business plans and collateral

40:42 Unique success stories: Helping entrepreneurs thrive in underserved areas

43:17 Industrial revenue bonds and revitalizing communities like Wellston

46:08 Challenges and opportunities for small businesses in the current market

48:25 Collaboration opportunities for startups and entrepreneurs with STL Partnership

50:10 Darrell’s “hole-in-one” advice: Don’t be afraid to try, and prioritize family

52:00 Closing remarks and contact information for STL PartnershipThis podcast is brought to you by Storyboard Living.

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