State Treasurer Zweifel makes $675,000 in loans to Solid Surface Designs in Billings
Local contractor with 40 full-time employees will save more than $40,000 in interest
For Immediate Release
Tuesday, August 30, 2011
BILLINGS, Mo. – State Treasurer Clint Zweifel (ZWY-ful) today announced Solid Surface Designs in Billings has been awarded $675,000 in Missouri Linked Deposit Program loans. The fabrication contractor is using the loans for expansion of its 40-person business.
“Since 1993, Solid Surface Designs has been fabricating products for homeowners across southwest Missouri,” Treasurer Zweifel said. “This is a loan that I could not have made by law two years ago because of bureaucratic hoops and red tape in place. Now those hoops are gone, and John and his team are making an investment in 40 employees, in the region and in Missouri. It is critical we reward Missouri companies, the engines of our recovery.”
Solid Surface Designs specializes in wholesale fabrication and installation of custom countertops, showers, bath surrounds and fireplaces made of solid surface, natural stone and man-made engineered stone. The business will save an estimated $40,000 over the next five years should it choose to take out loans for that length of time.
“Despite the difficult economic times, homeowners and businesses are making investments in their properties that ensure they will maintain their value,” said John Boyd, owner of Solid Surface Designs. “Those investments and this loan give me optimism, the optimism it takes to make long-term capital commitment.”
Mid-Missouri Bank partnered to make this loan.
“Mid-Missouri Bank is proud to work with Treasurer Zweifel through the Missouri Linked Deposit Program to help small businesses and farms grow in Missouri,” said Dan Derges , Mid-Missouri Bank community president in Springfield. “Small businesses need all the help they can get during these difficult times and businesses like Solid Surface Designs help others expand. Providing low-interest capital to a diverse group of businesses and farms will help our communities continue to flourish.”
Southwest Missouri has received more than $87 million in loans impacting more than 1,500 jobs and farmers since January 2009. Christian County has received nearly $6 million in loans, impacting more than 120 jobs and farmers alone. Qualifying borrowers generally save 30 percent on the cost of the loan. More than $735 million in loans have been approved statewide impacting more than 12,000 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.