FOR IMMEDIATE RELEASE
Tuesday, June 5, 2012
State Treasurer Clint Zweifel announces $1.1 million in low-interest loans for King City Lumber Company
Loans helped increase inventory and remodel hardware store
KING CITY, Mo. – State Treasurer Clint Zweifel (ZWY-ful) announced today he has awarded $1.1 million in low-interest Missouri Linked Deposit Program loans to King City Lumber Company in King City. The company operates as a construction firm and owns and operates the Do It Best Center, a local hardware store. With the low-interest loans, the company was able to refinance debt it took out to remodel its hardware store and to increase its inventory. The company has 11 full-time employees.
"The Missouri Linked Deposit Program has helped small businesses throughout Missouri refinance debt, allowing them to more easily remodel and expand, just like King City Lumber Company has done," Treasurer Zweifel said. "Small businesses and farmers need the opportunity to grow and make updates. The Missouri Linked Deposit Program provides the low-interest capital entrepreneurs and farmers need, and local lenders you work with every day can help you begin the very easy application process. I have approved more than $1 billion in loans for Missourians, helping our economy grow when we need it more than ever."
King City Lumber Company’s loans will save it an estimated $84,000 in interest over the next five years should it choose to take out loans for that period. King City Lumber Company has been family owned since it opened in 1972. The construction side of the company works on commercial, agricultural and residential buildings. Commerce Bank partnered to make the loan.
Since January 2009, northwest Missouri has received more than $66 million in loans impacting more than 1,100 jobs and farmers. Statewide, more than $1 billion in loans have been approved impacting more than 18,300 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.