SHELL KNOB, Mo.-The head of a tiny credit union in this small, unincorporated community is pulling out all the stops to make a big difference for the local economy.
Regina McIlrath, CEO of Table Rock FCU is trying to find a way to help out other merchants at its strip mall location by coming up with more than $200,000 to upgrade the water treatment system.
The state's Department of Natural Resources mandated changes to its 35-year old system to meet new standards, but the business owners have put together only a third of the $210,000 price tag the project carries, and had been saving that capital to revamp the parking lot. If they fail to come up with the cash and upgrade the system, a new parking lot will be the least of their worries, as the state would shut down the entire center. The credit union would not be greatly affected by the closure., as it has already picked out a "backup" location nearby in case they had to move operations.
Stepping Up To The Plate
As a member of the Bridgeway Plaza Association, McIllrath stepped up to the plate and utilized her position as CEO to look for alternative funding sources.
"We're a resident here, a renter, but still a resident. It's in our best interest to keep this shopping center going," she said when asked why she's spearheading the effort. "It's a tourist area. We depend upon tourism for our economy and with gas prices rising again, with the weather the way it has been, with the economy the way it is, people aren't traveling as much as they used to. None of the owners of the buildings have the money to lay out $8,000 to $12,000 a piece to do this." With just $1.2-million in assets, Table Rock FCU does not have the ability to lend the money, and because the Association is not a non-profit group and the community is unincorporated, funding from some of the traditional grant sources is shut off.
Funds Can't Be Secured Locally
The 8,000-person community is also unable to secure funds locally because it does not have tax revenue and overlaps two counties, making it a less than desirable place for tax monies from either or both counties to flow. But after appealing to fellow financial professionals on a listserv, McIllrath now has a few opportunities.
Though she did have to sift from some information and responses that were way out in left field, apparently some well-connected individuals heard her plea. The day after her post she had a message waiting from the USDA Rural Development agency telling her of federal dollars that could be available and a CDFI in nearby Fayetteville, Ark. also offered to help out. McIllrath is now confident that the strip mall will be safe from closure and funds for the treatment system will be secured.
"We now have a permit for a new system and that expires in another two years. So we have to keep making progress — applying for grants, applying for loans, that will keep the Department of Natural Resources happy and they'll leave us alone," McIllrath said. "We intend to meet their deadline."
