May 22, 2024
Funds

Missouri to consider boosting MOBUCK$ low interest loan program funds


There are two bills in the Missouri legislature – one in the House and one in the Senate – that would increase the amount of money for low-interest loans available through the MOBUCK$ program.

It’s a source of low-interest loans for farmers, small businesses and local governments that’s currently capped at $800 million a year. State Treasurer Vivek Malek wants the cap raised to $1.2 billion a year, which both bills would do.

“There’s a huge demand,” Malek told Missourinet. “Our representatives and senators need to listen to the people of Missouri that this is a relief valve that needs to be provided during the high inflation times to help them sustain their businesses and their farming activities.”

A public hearing is scheduled Tuesday on the House version of the bill. A similar bill passed the Missouri House last year but didn’t make it out of the Senate.

“I do not believe that we will have any opposition in getting these done. I’m very hopeful,” Malek said. “The demand is there and there is evidence that can show that within six hours (on January 2nd) $125 millions were spoken for.”

Malek also wants lawmakers to add an emergency clause, which would enable it to become law immediately upon being signed by the governor. In its current form, it wouldn’t take effect until August 28th.

Copyright 2024, Missourinet.



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