Treasurer Clint Zweifel announces $39 million investment in southeast Missouri impacting 662 jobs and 112 farmers
160 loans issued throughout region
Thursday, January 28, 2010
State Treasurer Clint Zweifel (ZWY-ful) announced today that since January 2009 his administration had loaned more than $39 million to farms and small businesses in the southeast region of Missouri. All told, the loans issued through the Missouri Linked Deposit Program impacted 662 jobs and 112 farmers. The loan program saved borrowers about $663,000 in annual interest costs.
“Missouri Linked Deposit Program loans save borrowers about 30 percent on the cost of capital at a critical time. This is money they are able to reinvest in their businesses or farms by hiring more people and reinvesting in their operation,” Treasurer Zweifel said. “This low-interest loan program costs Missouri taxpayers nothing. It is simply a responsible way to put Missourians back to work and reduce the cost of credit for farms and small businesses.”
The Missouri Linked Deposit Program, which was expanded in 2009 as part of Treasurer Zweifel’s jobs and economic development package, currently has about $200 million in loans throughout Missouri and has another $520 million available. Of the $200 million loaned since January 2009, $6.9 million was made possible by Treasurer Zweifel’s legislation, $875,000 of that was loaned in southeast Missouri.
Any farm in Missouri is eligible to receive a loan through the Missouri Linked Deposit Program and small businesses with up to 99 employees qualify. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans.
"It is important that all borrowers and lenders know they may be eligible to receive or issue a low-interest loan through the Missouri Linked Deposit Program," Treasurer Zweifel said. "The legislative expansion has greatly increased access to low-cost capital."
About 100 lenders with 175 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.
Loans in the southeast region were for farm, small business and housing loans and the totals per county were:
Bollinger: 5 loans totaling $1.1 million impacting 1 farmer and 22 jobs
Butler: 41 loans totaling $6.9 million impacting 4 farmers and 308 jobs
Cape Girardeau: 28 loans totaling $5.9 million impacting 7 farmers and 127 jobs
Carter: 2 loans totaling $211,000 impacting 4 jobs
Dunklin: 9 loans totaling $2.5 million impacting 8 farmers and 6 jobs
Iron: 1 loan totaling $200,000 impacting 15 jobs
Madison: None
Mississippi: 4 loans totaling $1.6 million impacting 5 farmers
New Madrid: 18 loans totaling $4.9 million impacting 21 farmers
Pemiscot: 8 loans totaling $5.4 million impacting 35 farmers
Perry: 2 loans totaling $615,000 impacting 34 jobs
Reynolds: 1 loan totaling $170,000 impacting 5 jobs
Ripley: 5 loans totaling $530,000 impacting 3 farmers and 8 jobs
Scott: 15 loans totaling $3.8 million impacting 18 farmers and 10 jobs
St. Francois: 2 loans totaling $600,000 impacting 19 jobs
Ste. Genevieve: 4 loans totaling $1.1 million impacting 35 jobs
Stoddard: 13 loans totaling $3.4 million impacting 10 farmers and 65 jobs
Wayne: 2 loans totaling $160,000 impacting 4 jobs
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