Treasurer Clint Zweifel announces $120,000 loan bringing pharmacy and six jobs to Trenton

$134 million loaned statewide in 2010 impacting 1,500 jobs and 426 farms

State Treasurer Clint Zweifel (ZWY-ful) was at Hometown Pharmacy today in Trenton, Mo., to announce a $120,000 Missouri Linked Deposit Program loan to the newly opened pharmacy that is creating six jobs. He also announced that in the first six months of 2010, the loan program had made 705 loans totaling more than $134 million impacting 1,500 jobs and 426 farmers throughout Missouri.



“Throughout the state I hear a consistent call for jobs on Main Street and help for local businesses and farmers,” Treasurer Zweifel said. “Missouri Linked Deposit Program loans help Main Street and costs taxpayers nothing. Helping small businesses like Hometown Pharmacy create jobs and continue to grow throughout the region is an excellent example of how this program works for Missourians.”



The low-interest loan for Hometown Pharmacy will save the company an estimated $2,200 in interest costs this year, and could potential save them $8,000 over the next four years. So far in 2010, borrowers statewide are saving an estimated $2.4 million in interest. Qualifying borrowers generally save 30 percent on the cost of the loan.



Since January 2009, nearly $340 million in loans have been approved saving Missourians nearly $6 million in annual interest and impacting nearly 3,700 jobs and 1,400 farmers.



Mike Palmer, co-owner of Hometown Pharmacy, used the $120,000 loan to start the new business in Trenton. The Trenton Hometown Pharmacy joins a sister pharmacy and health merchandise store in Chillicothe, Mo., and a pharmacy in Carrollton, Mo. Palmer and his partners have used Missouri Linked Deposit Program loans for more than three years in their various health-related businesses.



“The Missouri Linked Deposit Program provides small business owners an opportunity to help our communities grow and employ more people. This is a great program, and I look forward to sharing how it has helped my businesses with others in my community,” Palmer said.



Home Exchange Bank of Jamesport, Mo., made the loan to the business and continues to help business owners see how they can use the Missouri Linked Deposit Program. The bank was able to win the company’s business because of the low interest it was able to offer through the loan program.



“Small banks and small businesses have the same problem, access to low-cost funding to help their communities grow and prosper. The Missouri Linked Deposit Program’s low-interest deposits have been very beneficial to both,” said Terry Spillman, CEO of Home Exchange Bank. “The Missouri Linked Deposit Program allows our bank to make low-interest loans to qualifying businesses which can make the difference in future expansion and increased employment opportunities for our communities.”



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. 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.



Of $340 million loaned statewide since January 2009, 231 loans have been made in the northwest region totaling $19.8 million impacting 111 jobs and 197 farmers:

Andrew: 10 loans totaling $624,000, impacting 10 farmers

Atchison: 4 loans totaling $926,000, impacting 4 farmers

Buchanan: 11 loans totaling $1 million, impacting 11 farmers

Caldwell: 2 loan totaling $33,000, impacting 2 farmers

Clinton: 15 loans totaling $2.3 million, impacting 5 jobs and 14 farmers

Daviess: 16 loans totaling $1 million, impacting 3 jobs and 11 farmers

DeKalb: 67 loans totaling $6 million, impacting 19 jobs and 52 farmers

Gentry: 10 loans totaling $1.2 million, impacting 10 farmers

Grundy: 11 loans totaling $430,000, impacting 6 jobs and 10 farmers

Harrison: 17 loans totaling $2.3 million, impacting 2 jobs and 12 farmers

Holt: 13 loans totaling $1.2 million, impacting 13 farmers

Livingston: 38 loans totaling $1.6 million, impacting 76 jobs and 31 farmers

Mercer: 1 loan totaling $74,000, impacting 1 farmer

Nodaway: 13 loans totaling $1 million, impacting 13 farmers

Worth: 3 loans totaling $195,000, impacting 3 farmers

# # #