Hannibal Industrial Development Corporation
The Hannibal Industrial Development Corporation (HIDC), established in 1952, is designed to provide gap financing to new or expanding businesses, which will induce participation from private lenders. Loans may also be utilized for retention efforts. Businesses located in the following counties are eligible for loan assistance: Marion and Ralls
As a part of the economic development efforts to support small businesses in Marion and Ralls Counties, area businesses and citizens have purchased stock in HIDC. Those cash contributions are used to establish a Revolving Loan Fund (RLF) for gap financing. The HIDC disburses money in the form of loans at interest rates, which are at or below market rate to small businesses or to businesses that cannot otherwise borrow capital. As the loans are repaid, the grantee uses a portion of the interest earned to pay administrative expenses and adds remaining principal and interest repayments to the RLF’s capital base to make new loans.
The RLF can provide up to 30% of the monies necessary for a project and has a maximum loan amount of $50,000.00. Eligible activities include the purchase of land, buildings, construction, equipment, working capital, inventory and machinery.
The Hannibal Industrial Development Corporation administers the loan program by accepting applications, working closely with the HIDC Board of Directors, servicing loans, monitoring the progress of the program and reporting to the HIDC Shareholders.
HIDC Board Members
Chairman – Ryan Rapp, Commerce Bank
Vice-Chairman – John Zimmer, HNB Bank
Secretary – Eric Abts, Hannibal YMCA
Treasurer – Paul Richards, Wade Stables
Bobby Boland, Boland Automotive
J R Derksen, Liberty Utilities
James Lundgren, Mark Twain Boyhood Home and Museum
McKenzie Disselhorst, Hannibal Area Chamber of Commerce
Dr. Anthony Allen, Hannibal LaGrange University
Bill Craigmiles, Big River Oil
Darin Redd, Commerce Bank
Dick Minor, Retired
Irene Meyers, Hannibal Business Women
Corey Sanborn, Royal Banks (HREDC)
Dr. Jeanette Hill, Retired