Missouri Lawmakers Approve Extension of Loan Program
JEFFERSON CITY (AP) - A Missouri program offering low-interest loans to small businesses and farmers would become permanent under a bill sent to the governor.
The state Senate gave final approval Wednesday to legislation repealing a scheduled Dec. 31, 2015, expiration date for the Missouri Linked Deposit Program. Under that program, the state
deposits money in banks, which then loan it at lower-than-usual interest rates.
Missouri Treasurer Clint Zweifel, who oversees the program, said the extension will provide more certainty to lenders that the state will not back out of the program in the middle of a five-year loan.
Zweifel said there currently are about $325 million of loans outstanding under the program.