JEFFERSON CITY - Sikeston resident Paul Schuchart was approved for a BIG Missouri Link Deposit Program loan by Missouri Treasurer Sarah Steelman, as part of statewide efforts to create jobs, grow local business and farming operations in Missouri. The approval was announced recently by Rep. Ellen Brandom, R-Sikeston, and Jason Crowell, R-Cape Girardeau.
"This is a great program that will allow the dreams of Missourians and especially our family farmers to come true," said Brandom. "Mr. Schuchart has already received the check from the state and that money has already been put to work in the local economy."
"Farmers form the backbone of our society," Crowell said. "That's why a program such as Missouri's Link Deposit Program that gives farmers and farm families a leg up is so important."
The BIG Missouri Link Deposit Program enables local banks to make low-cost loans to participating businesses and farmers at an interest rate up to 3 percent less than the current market rate. Loan applicants in qualifying categories such as first time farmers, small businesses, job creation, family housing and farming operations can apply for a linked-deposit loan at their local financial institution.
The state deposits funds with the institution at a preferred interest rate and the entire savings is passed on to the borrower.
"BIG Missouri is yielding results for Missourians," said Steelman. "So far, over 4,000 jobs have been created because of this wonderful program in the first year alone."
The BIG Missouri Linked Deposit Loan Program was created last year via HB 270.