New Loan Program To Help Farmers And Small-Business Owners Recover After Damaging Spring
Missouri Treasurer Scott Fitzpatrick on Thursday announced a low-interest loan program to help small-business owners and farmers who have suffered losses from storms and flooding this year.
LIFT (Linked Deposits to Invest and Fund a Timely Recovery) offers loans of up to $2 million for those affected by natural disasters.
After severe storms and heavy flooding hit Missouri this spring, many small-business owners and farmers sustained millions of dollars in damage. In April, the Missouri Corn Growers Association conducted a voluntary survey to assess the damage for farmers across the state. The survey found that corn and soybean growers are projected to lose an estimated $24 million in revenue, but the total reflects only the loss for those who actually participated.
“I know how important access to affordable capital can be for a small business in challenging times, from personal experience in business,” Fitzpatrick said. “That’s why we worked hard to create a program that can help Missouri farmers and small-business owners pick up the pieces and get back to work.”
These loans will be offered at a reduced interest rate, which is estimated to save the borrower an average of 30% on their interest payments. It also allows borrowers to refinance any existing debt.
To participate in the program, applicants must have sustained damage in a county that received a major disaster declaration from the Federal Emergency Management Agency. Those counties are: Andrew, Atchison, Boone, Buchanan, Carroll, Chariton, Cole, Greene, Holt, Jackson, Jasper, Lafayette, Lincoln, Livingston, Miller, Mississippi, New Madrid, Osage, Pemiscot, Perry, Pike, Platte, Pulaski, Ray, St. Charles, and St. Genevieve.
Applicants will need to provide proof of economic injury or damages caused by a natural disaster that took place in 2019.
More information on applicant requirements can be found here.
For a full list of participating lenders, click here.
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