Last year the Missouri Linked In Deposit Program set a record loaning more than $293 million, impacting 3,800 jobs and nearly a thousand farmers.
Information from State Treasurer Clint Zweifel
JEFFERSON CITY – State Treasurer Clint Zweifel announced today 1,500 loans totaling $293 million were approved from the Missouri Linked Deposit Program impacting 3,800 jobs and 950 farmers in 2010. It is the most lent from the program in the past 10 years. The second highest loan volume was $248 million in 2008.
“Missourians are asking for two things right now – jobs and economic growth done in a fiscally responsible manner. The Missouri Linked Deposit Program is doing just that,” Treasurer Zweifel said. “These low-interest loans have helped small businesses and farmers throughout the state – pharmacists, advanced manufacturers, residential energy suppliers, community newspapers, hardware stores and cattle ranchers. These loans have provided needed capital for businesses on Main Street and family farms in all corners of Missouri.”
In 2010, borrowers statewide saved an estimated $5.6 million in interest. Qualifying borrowers generally save 30 percent on the cost of the loan.
The number of loans has increased thanks to expanded eligibility guidelines developed by Treasurer Zweifel. The expanded eligibility guidelines, enacted in 2009 by the legislature, also led to an increase in participating lenders. Participating lender branches have doubled since the end of 2008. Missourians can easily find a lender near them who is familiar with the Missouri Linked Deposit Program at www.treasurer.mo.gov.
“I am able to ensure that Missourians have access to low-interest capital locally by working with lenders across the state,” Treasurer Zweifel said. “My administration continues to build a network of lenders who will partner to save their clients money – money that can be put back into their businesses and farms right now.”
Since January 2009, nearly $500 million in loans have been approved saving Missourians an estimated $9.1 million in annual interest and impacting nearly 5,900 jobs and 1,900 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 112 lenders with 300 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.
Below is regional information for loans made throughout the state since January 2010:
* Kansas City Region (Bates, Carroll, Cass, Clay, Henry, Jackson, Johnson, Lafayette, Platte, Ray): More than $20.4 million from 107 loans for farms and small businesses since January 2010.
o Impacted more than 213 jobs and 84 farmers.
o Estimated $364,000 in annual interest saved.
* Mid-Missouri Region (Audrain, Benton, Boone, Callaway, Camden, Cole, Cooper, Dent, Gasconade, Howard, Maries, Miller, Moniteau, Montgomery, Morgan, Osage, Pettis, Phelps, Pulaski, Saline): Nearly $97 million from 395 loans for farms and small businesses since January 2010.
o Impacted more than 1,128 jobs and 203 farmers.
o Estimated $1.7 million in annual interest saved.
* Northeast Missouri Region (Adair, Chariton, Clark, Knox, Lewis, Linn, Macon, Marion, Monroe, Pike, Putnam, Ralls, Randolph, Schuyler, Scotland, Shelby, Sullivan): More than $45.5 million from 451 loans for farms and small businesses since January 2010.
o Impacted more than 399 jobs and 358 farmers.
o Estimated $1.2 million in annual interest saved.
* Northwest Missouri Region (Andrew, Atchison, Buchanan, Caldwell, Clinton, Daviess, DeKalb, Gentry, Grundy, Harrison, Holt, Livingston, Mercer, Nodaway, Worth): Nearly $18.3 million from 164 loans for farms and small businesses since January 2010.
o Impacted more than 162 jobs and 131 farmers.
o Estimated $293,000 in annual interest saved.
* Southeast Missouri Region (Bollinger, Butler, Cape Girardeau, Carter, Dunklin, Iron, Madison, Mississippi, New Madrid, Pemiscot, Perry, Reynolds, Ripley, Scott, St. Francois, Ste. Genevieve, Stoddard, Wayne): More than $48 million from 174 loans for farms and small businesses since January 2010.
o Impacted more than 635 jobs and 86 farmers.
o Estimated $814,073 in annual interest saved.
* Southwest Missouri Region (Barry, Barton, Cedar, Christian, Dade, Dallas, Douglas, Greene, Hickory, Howell, Jasper, Laclede, Lawrence, McDonald, Newton, Oregon, Ozark, Polk, Shannon, St. Clair, Stone, Taney, Texas, Vernon, Webster, Wright): More than $28.5 million from 137 loans for farms and small businesses since January 2010.
o Impacted more than 421 jobs and 82 farmers.
o Estimated $538,000 in annual interest saved.
* St. Louis Region (Crawford, Franklin, Jefferson, Lincoln, St. Charles, St. Louis City, St. Louis County, Warren, Washington): Nearly $36 million from 63 loans for farms and small businesses since January 2010.
o Impacted more than 819 jobs and 8 farmers.
o Estimated $728,000 in annual interest saved.