Missouri State Treasurer has launched a new program, LIFT, Linked Deposits to Invest and Fund a Timely Recovery, to assist small business owners and farmers who have been economically impacted by natural disasters including the recent tornadoes, damaging storms and long-term flooding across the state. LIFT will use linked deposits to partner with Missouri financial institutions to provide low-interest loans to impacted small businesses and farmers as they recover.
The LIFT program authorizes:
A linked deposit loan of up to $2 million for borrowers impacted by natural disasters (double the $1 million limit for Missouri FIRST participants);
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; and
Expedited approval notification (once due diligence is completed).
“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,” Daniel P. Mehan, president and CEO of the Missouri Chamber of Commerce and Industry, said.
To participate in the LIFT program, loan applicants must have sustained damage in a county with a Major Disaster Declaration from FEMA and provide proof of economic injury and/or damages caused by a natural disaster occurring in Missouri in 2019. More information about these requirements can be found here: https://treasurer.mo.gov/content/low-interest-loans/LIFT.
The LIFT program is now accepting applications for small business and farms in the following FEMA-declared counties: 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.