April 25, 2024

Lawmakers seek to expand MOBUCK$ low interest loan program

In the course of six hours, all the money was gone.

MOBUCK$, a low interest loan program recently championed by Missouri Treasurer Vivek Malek, had $119 million to offer to applicants starting Tuesday Jan. 2.

“In only six hours on Tuesday, we received 142 applications for just over $119 million in MOBUCK$ funds that became available with the start of the new year,” Malek said in a release. “That consumed all available loan capacity.”

Vivek Malek (left) was named Missouri's next state treasurer.

According to the Missouri Treasurer’s webpage for the program, which has been in effect since 1985, borrowers who are accepted into the program will see lenders lower interest rates on the loan by 2-3%. Currently, there are 136 banks in the state that participate in the program, which serves small business, agriculture and governmental clients.

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