Missouri lawmakers back big expansion of low
Time:2024-04-19 10:49:18 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:Rybakina, Vondroušová into Stuttgart quarters while Jabeur out
Next:China bans Uyghurs from using social media apps — Radio Free Asia
You may also like
- The number of Americans applying for jobless benefits holds steady as labor market remains strong
- Universal Beijing Resort to add 2 transportation hubs
- The 39th Harbin International Ice and Snow Festival is around the corner
- Jenna Bush Hager admits she LOST one of her eight
- Protesting Spanish professor 'warned university' over Confucius Institutes — Radio Free Asia
- 22nd China Cultural Tourism Global Forum held in Shenzhen
- Upgraded farmhouses winning Jizhou more visits
- Tourism market expecting holiday boom
- REVEALED: NBC 'plans to put heart