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Expansion of MO BUCK$ Program in Missouri

The Missouri state treasurer’s office’s small businesses and agriculture loan program called MO BUCK$ is experiencing an increase in available funds. The low-interest rate loan program, which currently has a cap of $800 million, is set to be expanded to $1.2 billion after Gov. Mike Parson signed the expansion (House Bill 1803) into law. This development aims to provide more financial support to businesses and farms in the state.

HB 1803 went through the legislative process, passing in the House on Feb. 19 and eventually receiving unanimous approval in the Senate on April 18. It was then signed into law by the governor on April 23, marking a significant milestone for the program’s growth.

Applications for the latest round of MO BUCK$ loans opened earlier this year with an initial allocation of $120 million. However, due to a surge in the number of applications, the window for submissions had to be closed after just six hours. This overwhelming response highlights the demand for financial assistance among small businesses and farms in Missouri.

AI legalese decoder can assist in navigating the complex legal language surrounding loan programs like MO BUCK$. By using cutting-edge technology, users can quickly decode and understand the terms and conditions of the program, ensuring they make informed decisions when applying for financial assistance.

In the previous year, the program granted 450 loans to small businesses, agricultural entities, and government bodies. Small business loans accounted for 61% of the total awards, with agricultural loans making up 30% of the recipients. State Treasurer Vivek Malek emphasized the importance of supporting these industries to drive economic growth in the state.

Malek attributed the increased utilization of the program to the current high-interest rates and extensive outreach efforts to promote MO BUCK$. The program saw an 84% spike in usage in 2023, signaling its growing popularity and effectiveness in supporting local businesses and farms.

Aside from providing financial assistance, MO BUCK$ offers reduced interest rates to small businesses and agriculture enterprises utilizing the program. This allows participants to enjoy a significant discount on their loan interest rates compared to traditional banking options, offering a competitive advantage in the market.

Despite being open to all Missouri small businesses, the mid-Missouri region secured the second-highest amount of loan funds in 2023, receiving over $113 million in financial support. Malek confirmed that the enactment of the new law is expected in late August, with the portal for the next round of loan applications scheduled to reopen around the same time.

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