‘MOBUCKS’ applications open, close Tuesday
COLUMBIA, Mo. (KMIZ)
Applications for the MOBUCKS program opened Tuesday morning and closed at 4 p.m. due to “extraordinary demand,” according to a press release from the State Treasurer’s Office.
A spokesman for the treasurer’s office told ABC 17 News in an email that the portal was open just from 10 a.m.-4 p.m. “because the amount applied for reached capacity.”
“MOBUCK$ has a statutory cap on how much can be loaned out. The cap is currently set at $800M. Treasurer (Vivek) Malek is advocating for legislation that would expand the program’s capacity beyond its current cap,” Ray Bozarth, of the Treasurer’s Office, wrote.
A Tuesday morning release states that $125 million in new loans were made available to help small businesses and farmers receive breaks on high interest rates. Loans were capped at $5 million.
According to the morning release, Treasurer’s Office deposits money with qualified banks, which then pay the state a below-market interest rate for those deposits. That allows the banks to make linked-deposit loans with about a 30% reduction in the borrower’s interest rate, the release states.
The Tuesday afternoon release advises those who are looking for a loan to check the Treasurer’s website and social media pages for updates, including application portal reopening dates. The afternoon release states that the application portal is "closed until further notice."
