Missouri sets loan record

1/12/2012

Expanded eligibility guidelines developed by Missouri treasurer Clint Zweifel allowed for a 40 percent increase in the amount of loans awarded to farmers and small businesses in the state, digitalBurg reports.

A total of 1,400 low-interest loans totaling $410 million were granted last year, an increase from the $356 million in loans made in 2010, which at the time had matched a state record.

"We are seeing the power of these loans - manufacturers adding jobs, mom and pop shops making investments, entrepreneurs bringing ideas to life and farmers ensuring that the family farm is there for generations to come," Zwiefel told the media outlet. "We are providing Missourians the capital they need to grow their farms and small businesses, while investing in our state's most valuable asset - people."

Zweifel enacted the expanded guidelines in 2009, which, correspondingly, led to an increase in small business lenders. St. Louis Business Journal reports that there are approximately 130 lenders in the state, all of which offer loans through the Missouri Linked Deposit Program.

DigitalBURG adds that since 2009, the loans have "impacted" more than 15,000 jobs and farmers, and it's estimated that more than $900,000 in loans have been approved during that time.