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New Loan Program To Help Farmers And Small-Business Owners Recover After Damaging Spring

Missouri Treasurer Scott Fitzpatrick, shown in June 2019, announced a new loan program to help farmers and small- business owners recover after severe weather in 2019.
File photo | Jason Rosenbaum I St. Louis Public Radio
Missouri Treasurer Scott Fitzpatrick, shown in June 2019, announced a new loan program to help farmers and small- business owners recover after severe weather in 2019.

Missouri Treasurer Scott Fitzpatrick on Thursday announced a low-interest loan program to help small-business owners and farmers who have suffered losses from storms and flooding this year.

LIFT (Linked Deposits to Invest and Fund a Timely Recovery) offers loans of up to $2 million for those affected by natural disasters. 

After severe storms and heavy flooding hit Missouri this spring, many small-business owners and farmers sustained millions of dollars in damage. In April, the Missouri Corn Growers Association conducted a voluntary survey to assess the damage for farmers across the state. The survey found that corn and soybean growers are projected to lose an estimated $24 million in revenue, but the total reflects only the loss for those who actually participated. 

Missouri Treasurer Scott Fitzpatrick, shown in June 2019, announced a new loan program to help farmers and small- business owners recover after severe weather in 2019.
Credit File photo | Jason Rosenbaum I St. Louis Public Radio
Missouri Treasurer Scott Fitzpatrick, shown in June 2019, announced a new loan program to help farmers and small- business owners recover after severe weather in 2019.

“I know how important access to affordable capital can be for a small business in challenging times, from personal experience in business,” Fitzpatrick said. “That’s why we worked hard to create a program that can help Missouri farmers and small-business owners pick up the pieces and get back to work.” 

These loans will be offered at a reduced interest rate, which is estimated to save the borrower an average of 30% on their interest payments. It also allows borrowers to refinance any existing debt. 

To participate in the program, applicants must have sustained damage in a county that received a major disaster declaration from the Federal Emergency Management Agency. Those counties are: 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. 

Applicants will need to provide proof of economic injury or damages caused by a natural disaster that took place in 2019. 

More information on applicant requirements can be found here

For a full list of participating lenders, click here.

Follow Jaclyn on Twitter: @DriscollNPR

Send questions and comments about this story to feedback@stlpublicradio.org

Copyright 2019 St. Louis Public Radio

Jaclyn Driscoll is the Jefferson City statehouse reporter for St. Louis Public Radio. She joined the politics team in 2019 after spending two years at the Springfield, Illinois NPR affiliate. Jaclyn covered a variety of issues at the statehouse for all of Illinois' public radio stations, but focused primarily on public health and agriculture related policy. Before joining public radio, Jaclyn reported for a couple television stations in Illinois and Iowa as a general assignment reporter.