JEFFERSON CITY, Mo. (KFVS) - A new program to assist small business owners and farmers affected by natural disasters was launched on Thursday, July 18 in Jefferson City, Missouri.
The program is called LIFT, Linked Deposits to Invest and Fund a Timely Recovery.
According to the Missouri State Treasurer Office, LINK will use linked deposits to partner with Missouri financial institutions to provide low interest loans for small businesses and farmers impacted by natural disasters.
The LIFT program authorizes:
- A linked deposit loan of up to $2 million for borrowers impacted by natural disasters (double the $1 million limit for Missouri FIRST participants)
- The maximum statutory discount to lending institutions for each linked deposit loan, lowering the interest rate and maximizing savings for the borrower
- Refinancing of existing debt
- Expedited approval notification (once due diligence is completed)
State Treasurer Scott Fitzpatrick made the announcement following recent tornadoes, damaging storms and long-term flooding throughout Missouri.
LIFT is now accepting 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.
In order to participate in the the LIFT program, applicants must have sustained damage in a county with a Major Disaster Declaration from FEMA.
More information about LIFT and its requirements click here.