Two northern Missouri farms receive $327,000 in low-interest loans from State Treasurer Clint Zweifel
Loans help farmers reinvest in Knox and Nodaway County farms
For Immediate Release
Thursday, June 21, 2012
EDINA, Mo. – State Treasurer Clint Zweifel (ZWY-ful) continued his strong commitment to Missouri farmers today by announcing he has awarded $327,000 in low-interest Missouri Linked Deposit Program loans to two northern Missouri farms. The loans went to Bradley Parsons’ farm in Edina, Mo., and the Clements Family Farm in Pickering, Mo.
“The Missouri Linked Deposit Program provides farm families, like Bradley and the Clements, with the low-interest capital they need to reinvest, purchase new equipment, purchase land or start a new farm altogether,” Treasurer Zweifel said. “The partnerships I have created with lenders around the state make it simple and quick for farmers to apply for loans with the people they bank with and trust. I am committed to providing our agriculture community with the tools it needs to keep this state growing.”
Parsons is receiving a $240,000 loan, which will save him an estimated $4,800 in interest over the next year. Parsons has farmed in Knox County since 2001. He is using the loan to purchase equipment, increase cash flow and reinvest in his row crop and cattle operation. United State Bank partnered to make the loan.
The Clements’ Family Farm is receiving an $87,000 loan that will save it an estimated $8,000 in interest over the next five years should the family choose to take out loans for that period. The family is using the loan to purchase more land to expand its row crop and cow/calf operation. Nodaway Valley Bank partnered to make the loan.
Since January 2009, more than $1 billion in loans have been approved statewide, impacting more than 18,300 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.