Persistently high interest rates have led Missouri lawmakers to significantly expand a state loan program for farmers and small businesses. Lawmakers gave final approval Thursday to a bill that raises the amount of state funds available to support low-interest loans.
FILE - Missouri Treasurer Vivek Malek stands near a poster promoting drought conditions and state aid programs, Jan. 4, 2024, at his Capitol office in Jefferson City, Mo. Agricultural entities are among several categories of businesses that can receive low-interest loans backed by deposits of state funds made by the treasurer’s office. Missouri lawmakers gave final approval Thursday, April 18, to significantly expand a low-interest loan program for farmers and small business es.
Under so-called linked-deposit programs, states deposit money in banks at below-market interest rates. Banks then leverage those funds to provide short-term, low-interest loans to particular borrowers, often in agriculture or small business. The programs can save borrowers thousands of dollars by reducing their interest rates by an average of 2-3 percentage points.
“The MOBUCK$ program has skyrocketed in demand with farmers, ranchers and small businesses, especially during these times of high interest rates,” Malek said in an emailed statement Thursday praising the bill’s passage.
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