Treasurer Clint Zweifel thanks House for unanimous passage of Missouri Linked Deposit Program permanent extension
Small business and farm legislation passes 158-0
For Immediate Release
Tuesday, March 15, 2011
State Treasurer Clint Zweifel (ZWY-ful) today thanked the Missouri House of Representatives for passing HB 109, which seeks the permanent extension of the Missouri Linked Deposit Program. The bill ensures farmers and small business owners continue to have access to the effective and fiscally responsible economic development tool. The low-interest loan program has lent more than $550 million and impacted nearly 9,000 jobs and farmers in the past two years.
HB 109 passed the House unanimously. The legislation was also passed with an emergency clause, meaning the bill would go into effect immediately if the Governor signed it. Representative Don Wells is the sponsor.
“Permanently extending the Missouri Linked Deposit Program is essential to Missouri small businesses and farmers. The House’s passage puts us one step closer to ensuring continued access to needed low-interest capital,” Treasurer Zweifel said. “Today’s unanimous and bipartisan vote is a step towards providing certainty to workers, borrowers and lenders.”
HB 109 removes the Missouri Linked Deposit Program’s expiration date set for Dec. 31, 2015. Loans which are approved yearly for up to five years are available with five-year fixed rates. The permanent extension provides certainty to lenders that the highly popular five-year fixed rates will continue to be available.
In 2009, Treasurer Zweifel’s jobs and economic development package expanded eligibility for the Missouri Linked Deposit Program. The single largest expansion of the program allows businesses with up to 99 employees to qualify; previously a business could have no more than 24 employees.
About the Missouri Linked Deposit Program
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. Information on the program and a list of participating lenders in the state can be found at www.treasurer.mo.gov/LinkedDeposit. The Missouri Linked Deposit Program was established by law in 1986.