Zweifel in Hannibal to Promote Low-Interest Loans

Treasurer Visits Hannibal Machine Inc. to encourage use of Missouri Linked Deposit Program

State Treasurer Clint Zweifel was in Hannibal today to outline the expansion of a low-interest loan program he administers called the Missouri Linked Deposit Program.



Treasurer Zweifel said he wanted to use the Missouri Linked Deposit Program, which was expanded this past legislative session as part of legislation developed by him called Invest in Missouri, to lower the cost of borrowing for farmers and small businesses throughout northeast Missouri. The program allows qualified applicants to borrow low-interest rate loans to increase operations, make reinvestments and even refinance.



"The Missouri Linked Deposit Program is a strategic and valuable tool we can use to create and retain Missouri jobs and move the economy forward," Treasurer Zweifel said. "With unemployment rates continuing to rise, it is time for us to put Missourians back to work. I have just unveiled a new logo and marketing materials to help us get the word out about this loan program, along with hiring a lender relationship manager to sign up more lenders throughout Missouri."



Even before the passage of Invest in Missouri, which did not register a single "no" vote and became law August 28, the Missouri Linked Deposit Program had already helped a variety of local businesses. Treasurer Zweifel stopped by one such company, Hannibal Machine Inc., which produces customized replacement parts for industrial equipment, to discuss how the program has benefitted them and how the expansion will help farms and businesses. The program works as a partnership between Treasurer Zweifel’s office and Missouri community banks. F & M Bank and Trust Company of Hannibal made the Missouri Linked Deposit Program loan available to Hannibal Machine Inc.



"The lower interest rate my company has received because of the Missouri Linked Deposit Program has allowed me to expand into agriculture parts production through a new business I started called Tri-State Ag Products," said Harold Haycraft, president of Hannibal Machine Inc. since founding it in 1989. "This program offers a good tool, especially in these tough times."



About 100 banks with 175 branches throughout Missouri use the Missouri Linked Deposit Program, including F & M Bank and Trust Company, Hannibal National Bank and Palmyra State Bank.



The new eligibility guidelines for the Missouri Linked Deposit Program are online at www.treasurer.mo.gov/LinkedDeposit.asp.

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