New Missouri program offers loans for disaster recovery

JEFFERSON CITY, Mo. -- A new program will give Missouri small business owners and farmers hit by tornadoes, storms and flooding this year access to low-interest loans.

Missouri Treasurer Scott Fitzpatrick announced the program Thursday. It allows linked-deposit loans of up to $2 million for borrowers impacted by natural disasters.

Under the new program, lending institutions will get the maximum discount allowed under Missouri law for the loans. Fitzpatrick's office says that will ensure lower interest rates for the farmers and small business owners who take advantage of the program.

Only applicants from counties with a federal major disaster declaration are eligible. Applicants must provide proof of natural disaster damage.

Gov. Mike Parson also Thursday issued an executive order creating a taskforce to focus on flood recovery and flood prevention efforts.