Missouri Senate passes vote to extend small business lending initiative

4/29/2011

Many entrepreneurs plan to grow their businesses this year, but if they want this to happen, they will need some help from commercial loans. Fortunately for Missouri small business owners, the state's Senate recently passed a vote that will extend a small business lending program.

The bill was passed unanimously by the Missouri Senate on Wednesday, extending the state's Missouri Linked Deposit program indefinitely. According to the St. Louis Business Journal, the program was previously scheduled to end on December 31, 2015.

"The program, which has enabled more than $570 million in low-interest loans, targets farmers and small business owners. It involves partner lending institutions, which take all the credit risk, offering five-year fixed-rate loans," State Treasurer Clint Zweifel told the source.

More than 100 lenders offer these loans, although only companies with fewer than 100 employees are eligible to receive them.

If entrepreneurs are still struggling to make ends meet, even with the commercial loans, PCWorld suggests other ways to they can save some money. For example, they could use open source computer programs instead of premium ones or turn off any electrical devices before leaving for the weekend.