Missouri State Treasurer Clint Zweifel
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Tuesday, January 31, 2012

State Treasurer Clint Zweifel announces $50,000 low-interest loan for DeKalb County farmer

Loan will be used to build a grain bin in Maysville

MAYSVILLE, Mo. – State Treasurer Clint Zweifel (ZWY-ful) announced today he has awarded a $50,000 low-interest Missouri Linked Deposit Program loan to Jake Huffaker, a DeKalb County farmer from Maysville, to invest in a new grain bin. The grain bin will allow him to store corn until it can be sold.

"Jake is a young farmer making the type of investments he needs to build his business," Treasurer Zweifel said. "Agriculture depends on the continued interest of new generations of farmers, and the Missouri Linked Deposit Program helps offer them the low-interest capital they need to be successful. I am working with lenders in every county of Missouri to make sure that our local farmers know about this program and how it can help them and their families."

Huffaker’s loan will save him an estimated $4,500 in interest over the next five years should he choose to take out loans for that period. Huffaker raises corn on more than 200 acres in DeKalb County. Independent Farmers Bank partnered to make the loan.

Since January 2009, northwest Missouri has received more than $53 million in loans impacting nearly 900 jobs and farmers. Statewide, nearly $906 million in loans have been approved 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.

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