Springfield, MO

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Commerce Bank commits $100M to small business loan deal

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Commerce Bank has committed to lending $100 million to the state treasurer's Missouri Linked Deposit Program, which offers low-interest loans to small businesses.

The investment in the program, which is run by State Treasurer Clint Zweifel and administration, could impact about 2,800 jobs over the next year, according to a Sept. 29 treasury news release.

"I hear two things consistently from Missourians – we need jobs and we need capital to create those jobs," Zweifel said in the release. "Commerce’s commitment does just that and is the reason I worked to improve the Missouri Linked Deposit Program."

The funding will increase statewide low-interest lending by 41 percent.

"Our goal of lending $100 million throughout the state will help us provide low-interest loans that keep money and jobs where we need them most," Kevin Barth, Kansas City region president and chief operations officer for Commerce Bank, said in the release.

Commerce already has extended approximately $12 million in loans to the Missouri Linked Deposit Program, which has about $720 million available for lending.

Small businesses with up to 99 employees and farmers are eligible for loans through the program, as well as local governments, housing developments and alternative-energy focused projects, the release said.

Applications can be found on the treasury Web site.

Zweifel and administration have approved more than $392 million in loans under the program since January 2009 as part of Zweifel's economic development package, the release said.

A list of participating lenders can be found online.

In the southwest Missouri region - which includes Greene, Stone and Taney counties, along with 23 others - more than $46 million has been divvied out.[[In-content Ad]]


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