Ozark auto shop nabs $260K low-interest state loan

Ozark repair shop Go Automotive has received a $260,000 low-interest loan through the Missouri Linked Deposit Program, which is managed through the office of Missouri State Treasurer Clint Zweifel.

The low-interest loan through Bank of Missouri will enable the business to save roughly $26,000 in the next five years, according to a news release. Funding allowed shop owners to refinance existing debt, freeing up cash flow to increase savings and reinvest in the business, including the addition of two employees, the release said.
 
“Missourians are depending on small businesses like Go Automotive to keep their delivery trucks, service vehicles, cars and trucks running every day, and the Missouri Linked Deposit Program is there to support such vital local businesses,” Zweifel said in the release.
 
Husband-and-wife owners Ashley and Amy Gilbert have operated Go Automotive, a three-bay quick-lube and automotive service center, since 2009. The company now has 10 employees, the release said.
 
“The Missouri Linked Deposit Program is providing us interest savings that we have been able to pass on to the community by adding new jobs,” Amy Gilbert said in the release. “Many small-business owners rely on their local financial institution as a resource about various programs. That was definitely the case with us. We are grateful that The Bank of Missouri was not only familiar with the Missouri Linked Deposit Program, but actively utilizing it to help its customers grow their businesses.”
 
According to the release, farmers and small businesses – defined as those with 99 or fewer employees – are eligible to apply for financing through the Missouri Linked Deposit Program. The state works with lending partners such as banks to facilitate the loans.

Through the state program, more than $1 billion has been approved since 2009, the release said.[[In-content Ad]]