More Local Businesses Receiving Small Business Loans

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MEXICO - A new national report finds that many more national banks are giving out small business loans.  Along with the increase in frequency of loans, the interest rates on those loans are going down.  

Local business owner Mel Toeliner said he thinks this change will benefit local business owners.  

Toeliner said that in 17 years owning a business, loans have helped him create more than 50 jobs, and he can only imagine how lower rates will help mid-Missouri.

Boone County National Bank's Ryan Bross said more loans are good. However, he warns those hoping to start a new business to remain cautious and prepared emotionally and monetarily.

A representative from Commerce Bank added that banks want to give out loans, and interest rates are going to continue to stay low as they try to compete for local business.