Missouri State Treasurer Scott Fitzpatrick has announced the launch of LIFT, Linked Deposits to Invest and Fund a Timely Recovery, to assist small-business owners and farmers who have been economically impacted by natural disasters, including the recent tornadoes, damaging storms and longterm flooding across the state. LIFT will use linked deposits to partner with Missouri financial institutions to provide low-interest loans to impacted small businesses and farmers as they recover.
A news release says 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).
To participate in the LIFT program, loan applicants must have sustained damage in a county with a Major Disaster Declaration from FEMA and provide proof of economic injury and/or damages caused by a natural disaster occurring in Missouri in 2019. More information about these requirements can be found at treasurer.mo.gov/content/low-interest-loans/LIFT.
LIFT went into effect on Thursday, July 18, and will accept applications for small business and farms in FEMA-declared counties, including Carroll, Chariton, Lafayette, Livingston and Ray Counties in the KMMO listening area.