State treasurer hopes program will give business a lift after disasters
The state treasurer on Thursday unveiled a new program to help small businesses and farmers affected by recent natural disasters.
Treasurer Scott Fitzpatrick made the announcement at a news conference at the Missouri Chamber of Commerce and Industry Thursday morning.
The Linked Deposits to Invest and Fund a Timely Recovery program, also known as LIFT, is meant to address needs of businesses in recovering from natural disasters.
The LIFT program provides those impacted by the disasters a linked deposit loan of up to $2 million.
It also provides the maximum discount to banks and other lenders for each loan.
A unique feature of the LIFT program is that it allows applicants to refinance existing debt.
The State Treasurer’s office also said the application process will be expedited.
“Once we receive a completed application in our office, we’re committing that they’ll have an answer on that within 24 hours of having received it,” said Fitzpatrick.
LIVE playback of the event is available in the player below.
The LIFT program took effect Thursday and will accept applications for small business and farms in the following FEMA-declared counties: 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.
More information and the method for application can be found on the State Treasurer’s website.
