FOR IMMEDIATE RELEASE
Wednesday, January 11, 2012
State Treasurer Clint Zweifel awards record $410 million in loans to small businesses and farms in 2011
Loan total increased by 40 percent over the previous year
JEFFERSON CITY – State Treasurer Clint Zweifel (ZWY-ful) awarded a record $410 million in low-interest loans to 1,400 small
businesses and farmers in 2011 through the Missouri Linked Deposit Program, a 40 percent increase over 2010. These loans
impacted more than 7,600 jobs and farmers. The previous record was with $356 million in loans in 1992.
"We are providing Missourians the capital they need to grow their farms and small businesses, while investing in our state’s most valuable asset – people," Treasurer Zweifel said. "With unemployment in Missouri continuing to decrease, we are seeing the power of these loans – manufacturers adding jobs, mom and pop shops making investments, entrepreneurs bringing ideas to life and farmers ensuring that the family farm is there for generations to come. Times have been tough, but community lenders throughout Missouri are working with me to provide Missourians the investment dollars they need, and we are seeing the economy respond."
In 2011, borrowers statewide saved an estimated $7.2 million in interest. Qualifying borrowers generally save 30 percent on the cost of the loan.
The dollar amount of loans has increased thanks to expanded eligibility guidelines developed by Treasurer Zweifel. The expanded eligibility guidelines
, enacted in 2009 by the legislature, also led to an increase in participating lenders. Participating lender branches have doubled since the
end of 2008. Missourians can easily find a lender near them who is familiar with the Missouri Linked Deposit Program at www.treasurer.mo.gov.
Since January 2009, nearly $906 million in loans have been approved saving Missourians an estimated $16.3 million in annual interest and impacting more than 15,000 jobs and farmers.
About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. 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 130 lenders with 350 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.