Information from the Office of State Treasurer Clint Zweifel
LEE’S SUMMIT, Mo. – State Treasurer Clint Zweifel has awarded Liquid Soap Products, in Lee’s Summit, Mo., a $428,000 low-interest Missouri Linked Deposit Program loan. The business is using the loan to purchase new manufacturing equipment that allows them to efficiently produce environmentally friendly soap products. It has 22 full-time employees.
“Innovative small businesses that are aware of our environment and the new demands of savvy customers are very important to our economy both locally in the Kansas City region and the state,” Treasurer Zweifel said. “Liquid Soap Products has been providing biodegradable cleaning products since 1987. Originally based in Lexington, Missouri, they moved to the Kansas City area to expand their opportunities and have grown to become a global distributor of cleaning products. They still own and utilize the Lexington facility.”
Liquid Soap Products ships to 12 countries in North America, Europe and Asia. It produces, sells and distributes cleaning products through water purification sales companies. The products include personal care, home care and pet care products. All materials used are biodegradable. The new manufacturing equipment will allow Liquid Soap Products to expand production capacity while reinvesting in the business. The low-interest loan will save the business an estimated $30,000 over the next five years should the business choose to take out loans for that period.
“Our business is dedicated to providing our customers the environmentally friendly products they demand as part of their everyday lifestyle,” said Doug Glasscock, Liquid Soap Products president. “For more than 20 years we have been growing and diversifying the products for our customers and it is vital for us to continue to do so which is exactly what this new equipment will help us do.”
Commerce Bank partnered to make this loan. The Kansas City region has received over $70 million in loans impacting more than 1,400 jobs and farmers since January 2009. Qualifying borrowers generally save 30 percent on the cost of the loan. Nearly $825 million in loans have been approved statewide impacting more than 13,900 jobs and farmers.
About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 130 lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders and program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.