State Treasurer Authorizes Emergency 24-hour Loan Approvals
JEFFERSON CITY – Farmers in Missouri will be eligible for some much needed help today, as State Treasurer Clint Zweifel has authorized all 114 counties and the City of St. Louis to be added to the list of counties eligible for emergency 24-hour approvals of low-interest Missouri Linked Deposit Program loans in response to the severe drought conditions.
Zweifel’s announcement follows the Federal Declaration on July 17 from Agriculture Secretary Thomas Vilsack.
“Missouri farmers are facing a very difficult year, as severe heat and a lack of rain are challenging crops and animals, forcing some farmers to make some hard decisions,” Treasurer Zweifel said. “The Missouri Linked Deposit Program can help these farmers get the low-interest capital they need to help them get through this tough year and ensure that the agricultural economy of Missouri stays strong.”
The emergency process is known as the Harmed-area Emergency Loan Priority system, or HELP. Individuals applying for agriculture loans are now eligible in every county of the state and the City of St. Louis. A complete and up-to-date list of eligible counties can always be found at www.treasurer.mo.gov/LinkedDeposit.
HELP eligible counties are determined by Treasurer Zweifel using executive orders, disaster requests, State Emergency Management Agency and Federal Emergency Management Agency information and Agricultural Disaster Designations and Declarations. Normal loan approval time is 10 days.
About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans.
About 130 lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders and program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.