Missouri lawmakers back big expansion of low
Time:2024-04-19 11:02:39 Source:styleViews(143)
JEFFERSON CITY, Mo. (AP) — Missouri lawmakers gave final approval Thursday to significantly expand a low-interest loan program for farmers and small businesses, in a move that reflects strong consumer demand for such government aid amid persistently high borrowing costs.
The legislation comes as states have seen surging public interest in programs that use taxpayer funds to spur private investment with bargain-priced loans. Those programs gained steam as the Federal Reserve fought inflation by repeatedly raising its benchmark interest rate, which now stands at a 23-year high of 5.3%.
Higher interest rates have made virtually all loans more expensive, whether for farmers purchasing seed or businesses wanting to expand.
Under so-called linked-deposit programs, states deposit money in banks at below-market interest rates. Banks then leverage those funds to provide short-term, low-interest loans to particular borrowers, often in agriculture or small business. The programs can save borrowers thousands of dollars by reducing their interest rates by an average of 2-3 percentage points.
Previous:Liquor sales in movie theaters, to
Next:Justice Department ramps up efforts to reduce violent crime with gun intel center
You may also like
- Woman, 26, who shed 70lbs reveals the surprising ways weight loss has transformed her life
- Medicare can pay for obesity drugs like Wegovy in certain heart patients
- New apps test AI chatbots to help mental health crisis
- Thailand plan massive enclosures to contain monkey mayhem in Lopburi
- Caitlin Clark and Angel Reese are OVERPAID at $75k
- Airplane passenger fined in Sydney for urinating in a cup
- Allergy season arrived early in US. Here's why, what you can do
- Intuitive Machines: Odysseus Moon lander 'tipped over on touchdown'
- J.K. Dobbins signs with Chargers, continuing the trend of former Ravens heading to LA