State Treasurer Sarah Steelman rolled out a new program Monday aimed at helping save business owners and farmers on interest costs on their loans.
Under the BIG Missouri program, below-market rate deposits of state funds are placed into participating banks or financial institutions which would allow approved borrowers to receive the lowered interest rate. Steelman estimates that savings could range between 25 to 30%.
Business owners, farmers, soldiers and their spouses are eligible.
Steelman said that by utilizing the U.S. Small Business Administration’s new Patriot Express Pilot Loan Initiative along with BIG Missouri program, veterans can benefit even more. The Patriot Express Initiative is a loan guarantee program that allows eligible veterans and members of the military wanting to establish or expand a small business to apply for loans up to $500,000. Steelman said her office is working with the SBA to ensure collaboration on the two programs.
“The Patriot Express program can guarantee about 75% of a loan for our veterans, and the BIG Missouri program can then reduce the interest rate on that loan,” said Steelman. “This is big help for our veterans and active service members who so richly deserve it.”
To find out more about the BIG Missouri Program, click HERE.