Missouri State Treasurer Fitzpatrick Launches New Program to Aid Small Business and Farm Recovery Following Natural Disasters
Missouri State Treasurer
* The LIFT program authorizes:
* A linked deposit loan of up to
* The maximum statutory discount to lending institutions for each linked deposit loan, lowering the interest rate and maximizing savings for the borrower
* Refinancing of existing debt
* Expedited approval notification (once due diligence is completed)
"I know how important access to affordable capital can be for a small business in challenging times from personal experience in business," Treasurer Fitzpatrick said. "That's why we worked hard to create a program that can help
"Even in the best situations, it can be difficult for small businesses to simply keep the doors open. However, being hit by a natural disaster can easily overwhelm many small businesses, causing a loss of jobs and creating economic problems in the impacted area. With this year's flooding and tornado activity, many businesses and communities around the state are experiencing this right now,"
"
To participate in the LIFT program, loan applicants must have sustained damage in a county with a Major Disaster Declaration from
LIFT will go into effect beginning today and will accept applications for small business and farms in the following
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