Treasurer Clint Zweifel announces $10 million small business and farm investment in northwest Missouri
Says 126 loans issued impacting 71 jobs and 106 farmers in the region
ST. JOSEPH, MO – March 8, 2010 – (RealEstateRama) — State Treasurer Clint Zweifel (ZWY-ful) was in St. Joseph today to announce that since January 2009 his administration had made more than $10 million in low-interest loans to farms and small businesses in northwest Missouri. While at a stop at FCS Financial, Treasurer Zweifel said 126 loans had been made impacting 71 jobs and 106 farmers in the region. Borrowers in the region will save an estimated $152,000 in interest annually using loans made through the Missouri Linked Deposit Program.
“I have been traveling our state, and one thing I hear consistently is that Missourians need jobs right now and we need to position this state for long-term success. This is happening, and it is being done in a fiscally-responsibly manner right here in northwest Missouri,” Treasurer Zweifel said. “Farmers and small businesses are savings thousands of dollars and they are putting it to work immediately. These low-interest loans cost taxpayers nothing, and they allow us as a state to put tools in place for farms and small businesses to thrive.”
In 2009, seven farmers in Buchanan County received $665,000 in loans. Total savings for county borrowers was estimated at $8,100 annually. FCS Financial has used the Missouri Linked Deposit Program to make more than $6 million in loans throughout the region. Statewide, more than $200 million in loans were made in 2009 impacting more than 2,300 jobs and 1,000 farms, saving millions in interest costs.
“The loan program allows FCS Financial to provide low-interest rate loans to farm businesses in Missouri. The low interest helps the owners reduce expenses in order to improve their profitability and reinvest in their farming operations,” said David Cox, Branch Manager, FCS Financial in St. Joseph.
The Missouri Linked Deposit Program, which was expanded in 2009 as part of Treasurer Zweifel’s jobs and economic development package, has $720 million in lending power. Of the $200 million loaned since January 2009, $8.7 million impacting 220 jobs and 35 farmers was made possible by the legislation.
“It is important that all borrowers and lenders in northwest Missouri know they may be eligible to receive or issue a low-interest loan through the Missouri Linked Deposit Program,” Treasurer Zweifel said. “The legislative expansion has greatly increased access to low-cost capital.”
Any farm in Missouri is eligible to receive a loan through the Missouri Linked Deposit Program and small businesses with up to 99 employees qualify. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans.
About 100 lenders with 175 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.
Loans in the northwest region were for small businesses and farms and the totals per county were:
Andrew: 7 loans totaling $478,000, impacting 7 farmers
Atchison: 4 loans totaling $926,000, impacting 4 farmers
Buchanan: 7 loans totaling $665,000, impacting 7 farmers
Caldwell: 1 loan totaling $18,000, impacting 1 farmer
Clinton: 10 loans totaling $1.2 million, impacting 5 jobs and 1 farmer
Daviess: 12 loans totaling $1 million, impacting 3 jobs and 9 farmers
DeKalb: None
Gentry: 8 loans totaling $850,000, impacting 8 farmers
Grundy: 9 loans totaling $294,000, impacting 9 farmers
Harrison: 12 loans totaling $1.5 million, impacting 6 jobs and 8 farmers
Holt: 10 loans totaling $770,000, impacting 10 farmers
Livingston: 32 loans totaling $1.3 million, impacting 57 jobs and 28 farmers
Mercer: 1 loan totaling $74,000, impacting 1 farmer
Nodaway: 11 loans totaling $764,000, impacting 11 farmers
Worth: 2 loans totaling $142,000, impacting 2 farmers
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A media kit with head shot and biography is available at: www.treasurer.mo.gov/MediaToolKit.asp
Jon Galloway
Office of State Treasurer Clint Zweifel
Director of Communications & Policy
Missouri State Capitol, Room 229
P.O. Box 210
Jefferson City, Missouri 65102
(573) 418-2923 (cell)
(573) 751-7595 (office)
(573) 751-9443 (fax)
twitter.com/gallowayj
