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Legislative Update: Treasurer Malek's MOBUCK$ Expansion Passes Legislature

Thursday, April 18, 2024
Treasurer's name


Contact: Kern Chhikara, 573-751-5390

JEFFERSON CITY, MO – The Missouri Senate on Thursday gave final approval of priority legislation of State Treasurer Vivek Malek, expanding the popular MOBUCK$ program to provide inflation relief to more small businesses and farmers.


“MOBUCK$ has skyrocketed in popularity because of soaring high interest rates, and the program’s ability to reduce interest rates on these linked-deposit loans to eligible borrowers,” Treasurer Malek said. “I commend the Legislature for passing this investment by and in Missouri small businesses, farmers, and job retention and creation.”


Treasurer Malek commended Rep. Terry Thompson, R-Lexington, for sponsoring House Bill 1803 and Sen. Sandy Crawford, R-Buffalo, for shepherding the legislation through the Senate. 


HB1803 raises the maximum statewide total of all MOBUCK$ linked-deposit loans to $1.2 billion from the current cap of $800,000. There has been staggering demand for MOBUCK$ because of its linked-deposit loans’ breaks on interest rates for borrowers. In January, the state’s online portal for new MOBUCK$ loan applications was reopened for applications for just over $119 million in available loan. All of the available funding was spoken for in just six hours through 142 loan applications and the portal had to be shut down. Since Treasurer Malek took office in January 2023, the State Treasurer’s office has processed $651.2 million in linked deposits supporting low-interest loans.


“MOBUCK$ is a relief valve from inflation for qualified Missouri borrowers, enabling them to strengthen and expand their businesses and help build both the local and state economies,” Treasurer Malek said. “The tremendous interest and the depletion of available funds in just six hours on a single day was more proof that MOBUCK$ needs expansion.”


MOBUCK$ works like this: The State Treasurer deposits money with qualified banks, which then pay the state a below-market interest rate for those deposits. This allows the banks to make MOBUCK$ loans to qualifying borrowers with a roughly 30 percent reduction in the borrower’s interest rate. These are called linked-deposit loans, and they have been hugely popular as a lower-interest alternative for eligible borrowers.


Visit to learn more about MOBUCK$.



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