Clint Zweifel, the Missouri State Treasurer has granted a record $410 million in low interest disaster loans in 2011 through the ‘Missouri Linked Deposit Program’. The recipients of the dollars are 14,000 small businesses and farmers. The year 2011 saw 40 percent increase in loans as compared to 2010.
These loans impacted 7,600 jobs and farmers. The previous record was $356 million in loans in 1992. Missourians are also being provided the capital that is much required to grow their farms. The result of it is that unemployment in Missouri is continuing to decrease and entrepreneurs are adding more new jobs. Farmers are also building up the confidence that the family farm is there for generations to come.
Community Lenders in Missouri are working to provide Missourians investment dollars that is much required for the economy to expand. With the grant of loans in Missouri, Statewide borrows have been able to save an estimated $7.2 million in interest. The qualifying borrowers are able to save 30 percent on the cost of loans.
Treasurer Zweifel’s expanded eligibility guidelines for loans making it possible to increase the dollar amount of loans in Missouri. The expanded eligibility guidelines enacted in 2009 has undoubtedly led to an increase in participating lenders. Since end of 2008, participating lender branches have practically doubled. From the start of January 2009, nearly $906 million in loans have been approved and that have saved Missourians estimated $16.3 million in annual interest. So far, more than 15,000 jobs and farmers have been impacted due to the granting of loans.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org