Jay Nixon, Missouri’s Governor has signed a bill that is an extension of a state program that offers low-cost investment capital to small business owners. The bill is supported unanimously in the general assembly.
Named as ‘House Bill 109’ it permanently extends Missouri linked Deposit program and abolishes the five-year expiration date that was Dec. 31, 2015. The low interest loans have made real impact for the loans that are critical to investments in agriculture and jobs.
Clint Zweifel, Missouri Treasurer in a statement expressed his opinion that Small business owners as well as farmers are awarded over $680 million in loans that directly have an impact on 11,000 jobs and farmers.
The program targeting farmers and small business owners involves lending institutions that offer five year fixed rate loans and take all the credit-risks into consideration. Such low interest loans are available to businesses having fewer than 100 employees. The grants are offered by 115 lenders with 350 branches statewide.
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