Getting Past the Disasters: New Loan Funding Available in Missouri
With all of the recent issues that have popped up in the news around natural disasters in Missouri, many businesses are facing serious challenges as they rebuild. Fortunately, the State of Missouri is reaching out a helping hand through LIFT, a new low-interest state loan program for businesses in counties that have been declared a disaster area. State funds will be provided to banks at reduced rates to offset funding being provided in the loan, allowing them to pass on lower interest rates to businesses who need natural disaster loan funding to recover. Here's more about this promising new program.
It's expected that business owners will save an average of 30% on loan interest through the program, which was announced by Missouri State Treasurer Scott Fitzpatrick. “Too often we hear about government as a roadblock. This is a good example of government being able to work together with the private sector to try to do what we can to help assist in a recovery,” stated Fitzpatrick. “We want those impacted by the storms and flooding to get back on their feet as quickly as possible. This is good for individuals, it’s good for communities and it’s overall good for the state’s economy.”
Receiving a LIFT loan will not preclude businesses from receiving a federal loan backed through the Small Business Administration. “A lot of people will have insurance. Some people won’t have insurance. Some people will have a gap in coverage between what their loss was and what their insurance coverage is. This is just meant to be a supplement to everything else that’s going on out there.”
To get a loan through the program, you'll simply need to contact one of approximately 350 Missouri bank branches that are participating in the program, with a $2 million loan limit and interest rates that vary based on the bank and risk factors of the applicant, with approval or denial granted within approximately 24 hours. The program also allows for refinancing existing debt.
If you're interested in taking advantage of business disaster loans but aren't sure where to start to get back on your feet, AccountRely can help. Please feel free to reach out today to be connected with one of our experienced business professionals.