Special to The American
Missouri State Treasurer Clint Zweifel was in Clayton last week to announce Commerce Bank, the largest Missouri-based bank, has committed to a goal of lending $100 million in low-interest loans to small businesses through the Missouri Linked Deposit Program.
The investment in the low-interest loan program managed by Zweifel is estimated to impact 2,800 Missouri jobs over the next 12 months. Zweifel joined Commerce Bank executives at their headquarters for the announcement, which potentially makes the bank the loan program’s largest user.
“I hear two things consistently from Missourians – we need jobs and we need capital to create those jobs. Commerce’s commitment does just that and is the reason I worked to improve the Missouri Linked Deposit Program – to invest in small business owners and create jobs on Main Street,” Zweifel said.
“We are talking about the difference between buying equipment now and waiting until next year. It is the difference between hiring more employees and expanding operations or standing still. These low-interest loans keep jobs in our hometowns.”
Of the $100 million in small business loans, $40 million is estimated to be loaned in the St. Louis region, impacting 1,100 jobs. The effort will double the number of low-interest loans issued in the St. Louis region through the Missouri Linked Deposit Program. That is on top of the more than $392 million Zweifel has approved for Missouri small business owners and farmers since January 2009. Those loans have impacted 4,600 jobs and 1,600 farmers.
“Commerce Bank is proud to make our biggest commitment to-date to the Missouri Linked Deposit Program and we are excited to help businesses throughout communities in Missouri,” said Jack Schreiber, St. Louis Region President for Commerce Bank.
“Throughout these tough economic times we have worked to help local businesses stay in the communities that need them. This commitment helps us provide low-interest loans that keep money and jobs at home.”
Commerce Bank has 128 branches in Missouri and 57 in the St. Louis region. It has approximately $12 million in loans through the Missouri Linked Deposit Program currently. The loan program, expanded in 2009 as part of Treasurer Zweifel’s jobs and economic development package, has $720 million in lending power. Borrowers will generally save 30 percent on the cost of a loan through the low-interest loan program.
“The 2009 legislative session greatly expanded eligibility requirements and allowed us to impact more jobs and more small business owners in the St. Louis region and state wide,” Zweifel said.
“Commerce’s commitment today doubles the number of lender branches where a Missouri Linked Deposit Program loan application can be made and puts $100 million back into our economy.”
Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 112 lenders with 300 branches throughout Missouri use the Missouri Linked Deposit Program. Information can be found at www.treasurer.mo.gov/LinkedDeposit.
