Officials and business leaders are gathering in Joplin, Mo., today to announce a new fund aimed at expanding and attracting businesses in the aftermath of one of the nation's deadliest tornadoes.

The new "Joplin Tomorrow" fund seeks to raise more than $10 million to spur commercial growth in the Joplin area after a powerful tornado killed more than 150 people and destroyed thousands of homes and businesses there on May 22.

The fund will provide low- and no-interest loans to businesses hoping to relocate to the Joplin region or expand there. Among the first gifts made to the fund was the Danforth Foundation's May 27 donation of $500,000, its last donation before the foundation closed May 31 and formally ended the family's 84-year history of philanthropy.

The Missouri Chamber of Commerce also donated $25,000 to the fund.

The non-profit fund, which seeks to raise $10 million, asked former U.S. Sen. John Danforth for help raising money. Some of the money will be used to finance capital projects.

In a telephone interview Monday, Danforth said the new fund will supplement federal loan programs that focus on restorative efforts. Rather than just loaning money to restore what was lost, the fund seeks to expand businesses and lure new entrepreneurs to Joplin.

The fund's long-term goal, Danforth said, is "to build something even better than what would have been the case had the disaster not occurred."

The fund will work with the Joplin Area Chamber of Commerce to raise money. Five Joplin business leaders will serve on the fund's board of directors:

 • Dwight Douglas, general counsel of Freeman Health Systems

 • Michael Palmer, a vice president of Empire District Electric

 • Glenn Brown, former chief executive of CFI trucking company (now called Con-Way)

 • Mike Pence, former owner of Electric Motor Supply

 • J.D. Seller, former chief financial officer of Eagle Picher Technologies

The Danforth Foundation has given more than $1.25 billion since it was founded in 1927 by William H. Danforth, founder of Ralston Purina Co. In January, the organization pledged what was thought to be its last gift of $70 million to the Donald Danforth Plant Science Center in Creve Coeur.

Danforth said his grandfather's feed mill was destroyed by a tornado that roared through St. Louis in 1896. After the storm, William H. Danforth received a $25,000 loan that he used to form Ralston Purina Co. in St. Louis.

Danforth, Douglas and U.S. Sen. Roy Blunt announced the new fund today at a news conference in Joplin.

For more information about the fund and ways to contribute, go to Joplin Tomorrow's website.