The Missouri Linked Deposit Program partners with lending institutions to provide low-interest loans to help create and retain jobs, expand the economy, and strengthen communities statewide. Through the Missouri Linked Deposit Program, lenders are able to reduce the interest rates on loans to small businesses by about 2-3 percent. Borrowers are eligible to participate for up to 5 years and can request a fixed interest rate for up to five years.This program is well-funded with a total of $720 million available. $400 million is yet to be utilized.
Small Business Qualifications for the Missouri Linked Deposit Program:
· Headquartered in Missouri
· Maintains operations and transacts business in Missouri
· Employs less than 100 full-time employees
· Borrower is organized for profit
· Does not currently owe any unpaid, non-protested taxes to the State of Missouri or any political subdivision
· Business has no unresolved environmental compliance issues with the MO Department of Natural Resources Small Business Loan Proceeds may be used for the following expenses
· Inventory
· Rent, utilities, insurance, or taxes
· Professional fees
· Equipment purchase, rental, or lease
· Renovations, repairs, and maintenance of equipment and facilities (paving, fencing, installation of loadingdocks, etc.)
· Purchase of land and buildings
To participate in the Missouri Linked Deposit Program:Contact a qualified lending institution (a list of these institutions is available at www.treasurer.mo.gov/LinkedDeposit). Tell your lender you are interested in participating in the Missouri Linked Deposit Program; and complete the appropriate loan application for your lender to submit. (These are also available online at www.treasurer.mo.gov/LinkedDeposit). For more information, call State Treasure Clint Zweifel's Office at (573) 751-2372.