The State Treasurer provides low-interest, linked time deposits of state funds to Missouri financial institutions that make loans to new and expanding businesses that create or retain jobs in the state. The state funds are deposited with a participating lending institution at up to 3% below the one-year Treasury bill rate, with the lender passing this interest savings on to the business borrower. To be eligible for a linked deposit loan, the borrower must be a new, existing or expanding company that is able to create or retain one new job for each $25,000 of state deposits. The funds may be used for any purpose approved by the lender, such as relocation expenses, working capital, interim construction, inventory, site development, machinery and equipment. All Missouri banks may participate in the MISSOURI FIRST Linked Deposit Program. The State Treasurer will offer deposits of state funds, dollar for dollar, for the amount of approved loans. The minimum deposit is $90,000 and there are no maximums. A portion of these deposits is reserved for small businesses under 25 jobs in the Missouri First For Small Business program. The maximum loan amount is $100,000 for small businesses.

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This Page Last Modified: Monday, 19-Nov-2007 16:42:58 CST