The linked deposit program itself partners with lending institutions to provide low-interest loans to help grow and expanded economy opportunity across Missouri. By reducing the interest rate on certain loans that borrowers can use to improve their businesses, the program helps qualified lenders from Missouri better serve Missouri-based companies and agricultural operations. The program also provides funds for local governments to serve the interests of their constituents. Using the program allows lenders to lower the interest rates to the borrower by about 2-3 percent.
As part of the Missouri FIRST initiative, the following changes were implemented:
- The single-use restriction for borrowers has been lifted, allowing them to apply for another loan after their five-year term is up.
- Unnecessary yearly certifications have been eliminated to reduce the amount of paperwork needed from borrowers.
- The eligibility criteria for agricultural loans have been expanded to increase accessibility.
- The linked deposit application process has been streamlined and made more efficient.
- The internal process for linked deposits is being moved to a digital interface, which will speed up the approvals for borrowers and save money for Missouri taxpayers.
Program Information and Eligibility Requirements
Click on one of the links below to learn more about the program and eligibility requirements.
- Small Business Program - $110 million
- Job Enhancement Program - $220 million
- Alternative Energy Program - approved case-by-case
- Agriculture Program - $330 million
- Local Governments Program - approved case-by-case
- Multi-Family Housing Program - $20 million
Missouri Linked Deposits Review Committee
The committee has review and oversight capacity for all matters relating to Missouri’s linked deposit program. The committee may examine all aspects of the linked deposit program, including but not limited to, its administration, operation and effectiveness.