FOR IMMEDIATE RELEASE
Wednesday, September 30, 2009
Contact:
Jon Galloway
(573) 751-7595 - Office
(573) 418-2923 - Cell
jon.galloway@treasurer.mo.gov
Zweifel in Hannibal to Promote Low-Interest Loans
Treasurer Visits Hannibal Machine Inc. to encourage use
of Missouri Linked Deposit Program
HANNIBAL, Mo. - State Treasurer Clint Zweifel was in Hannibal today to outline the expansion of a low-interest
loan program he administers called the Missouri Linked Deposit
Program. Treasurer Zweifel said he wanted to use the Missouri Linked Deposit Program,
which was expanded this past legislative session as part of legislation developed by him
called INVEST
IN MISSOURI, to lower the cost of borrowing for farmers and small businesses throughout northeast Missouri.
The program allows qualified applicants to borrow low-interest rate loans to increase operations,
make reinvestments and even refinance.
"The Missouri Linked Deposit Program is a strategic and valuable tool we can use to create and retain
Missouri jobs and move the economy forward," Treasurer Zweifel
said. "With unemployment rates continuing to rise, it is time for us to put Missourians back to work.
I have just unveiled a new logo and marketing materials to help us get the
word out about this loan program, along with hiring a lender relationship manager to sign up more
lenders throughout Missouri."
Even before the passage of INVEST
IN MISSOURI, which did not register a single "no" vote and became law August 28, the Missouri Linked
Deposit Program had already helped a variety of local businesses. Treasurer Zweifel stopped by one
such company, Hannibal Machine Inc., which produces customized replacement parts
for industrial equipment, to discuss how the program has benefitted them and how the expansion will
help farms and businesses. The program works as a partnership between Treasurer
Zweifel's office and Missouri community banks. F & M Bank and Trust Company of Hannibal made
the Missouri Linked Deposit Program loan available to Hannibal Machine Inc.
"The lower interest rate my company has received because of the Missouri Linked Deposit Program
has allowed me to expand into agriculture parts production through a new business I
started called Tri-State Ag Products," said Harold Haycraft, president of Hannibal Machine
Inc. since founding it in 1989. "This program offers a good tool, especially
in these tough times."
About 100 banks with 175 branches throughout Missouri use the Missouri Linked Deposit Program,
including F & M Bank and Trust Company, Hannibal National Bank and Palmyra
State Bank.
The new eligibility guidelines for the Missouri Linked Deposit Program are online
at www.treasurer.mo.gov/LinkedDeposit.asp.
