Missouri lawmakers back big expansion of low
Time:2024-04-19 07:20:39 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:Knicks' long
Next:Bills would preferably be on the receiving end in the NFL draft after dealing Diggs to Houston
You may also like
- Zimbabwe frees prisoners, including those sentenced to death, in an independence day amnesty
- Seafood shocker: Warning shrimp and lobster contain dangerous levels of cancer
- Ministry of Health proposes 134 job losses
- Alicia Keys rocks a studded denim
- Barcelona fined by UEFA for fans making Nazi salutes, monkey gestures at Paris Saint
- America's best fast food restaurants ranked
- Alicia Keys rocks a studded denim
- Afternoon tea makes a comeback thanks to the snap
- Natalie Portman shows Benjamin Millepied what he's missing in sexy see