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Missouri Treasurer Highlights State Investment in Small Business - KOAM TV 7

Missouri Treasurer Highlights State Investment in Small Business and Agriculture

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JEFFERSON CITY, MO -

State Treasurer Eric Schmitt today announced he has approved over $41 million of new investments in Missouri-based small businesses and agricultural operations since launching his Missouri FIRST initiative in March. In the same time frame, over 70 new Missouri FIRST applications have been approved and eight new banks have applied to become participating lenders in the program.

State investments in linked deposits have increased by close to 29% over the past year – a sign of improving economic conditions and renewed prioritization in the investment portfolio. According to the Small Business Administration, small businesses constitute over 95% of all Missouri businesses and employ almost half of the state’s working population.

Schmitt launched Missouri FIRST in March after a year of meeting with small business owners, farmers and community banks about what could be done to improve the linked deposit program. 

The Missouri State Treasurer’s Office works with local lending institutions to facilitate Missouri FIRST loans. There are approximately 115 qualified Missouri FIRST linked deposit lenders with 350 branches throughout the state. 

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