The Missouri Linked Deposit Program partners with lenders to provide low-interest loans to help create and retain Missouri jobs, expand the economy and strengthen communities statewide.
Effective immediately, all borrowers in the Job Enhancement loan program shall commit to create the required jobs in the first year of the linked deposit and to retain those jobs throughout the life of the linked deposit. For example, if a borrower agrees to create ten jobs, those jobs will need to be created in the first year of the linked deposit and will need to be retained throughout the life of the deposit. The Treasurer’s Office will continue to annually audit all job creation/retention linked deposits. Any deposits found to be out of compliance with this requirement may be early matured and the bank will be charged the increased interest rate (market rate) on the deposit for all periods of noncompliance.
The Missouri Linked Deposit Program for Job Enhancement provides low-interest loans to businesses that create high-quality jobs in Missouri. Eligibility guidelines to allow companies with significant capital needs to borrow $50,000 for each job created, in addition to dollars for capital outlay, physical expansion and renovation.
- Eligible businesses include new, existing or expanding firms located in Missouri that employ 10 or more full-time employees annually. They must create at least one job for each $50,000 borrowed under the Missouri Linked Deposit Program.
- The same criteria apply for job retention, but companies are required to provide documentation that establishes “retention.” Examples of situations where loans will be made for job retention include:
- A plant or company will be shut down without assistance in refinancing debt.
- A plant or company is being sold, and financial assistance is needed for a prospective buyer who wishes to keep the company in Missouri.
- A plant must renovate, modernize or upgrade its facility to comply with regulatory or other requirements, or else the company must shut the facility down.
Businesses looking for additional funding should also visit the Missouri Department of Economic Development and explore opportunities with the Missouri Works.
Download a Job Enhancement Loan Application to be completed with your lender.