Notable quote for week of April 21

MOBUCK$ is a relief valve from inflation for qualified Missourian borrowers, enabling them to strengthen and expand their businesses and help build both the local and state economies. The tremendous interest and the depletion of available funds in just six hours on a single day was more proof that MOBUCK$ needs expansion. Missouri State Treasurer Vivek Malek after the expansion of the MOBUCK$ loan program was approved by the Missouri Senate on Thursday, April 18.

The Senate passed HB1803, raising the maximum statewide total of MOBUCK$ linked-deposit loans from $800 million to $1.2 billion.

MOBUCK$ gives qualified borrowers a roughly 30% reduction in interest rate via the state treasurer depositing money in qualified banks, which then pay the state a below-market interest rate for those deposits.

In January, when the portal for loans was opened, all $119 million in available funding was spoken for through 142 loan requests in just six hours’ time.

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