Missouri, or at least its State Treasurer Clint Zweifel, is very generous with its small business owners as Zweifel stated that he awarded 1,400 low-interest loans to farmers and small businesses last year with the total amount of the loans equaling $410 million, a new record to say the least.
This number is up 40% from the $356 million in loans given out last year. 2010 was the first to set a record in loans since $356 million was given out back in 1992. The loans are made available through the Missouri Linked Deposit program. Farmers and small business owners from around Missouri saved an estimated $7.2 million in interest (nearly 30% on the cost of the loan) according to Zweifel.
In 2011 the St. Louis region, which encompasses St. Louis City and the counties of Crawford, Franklin, Jefferson, Lincoln, St. Charles, St. Louis, Warren and Washington, received over $99 million from 150 low-interest loans for farmers and small business owners according to a statement from Missouri State Treasurer’s Office spokesman John Galloway.
Nearly 130 loan providers with 350 different branches throughout the state offer loans through the program. Times are tough and it is definitely reassuring to see that so many people can get the help they need from their elected officials when they need it. If only the White House would take note.
Source: St. Louis Business Journal – Missouri awards $410 million in small-business loans