State awards $410M in small-business loans in 2011

Missouri State Treasurer Clint Zweifel's office in 2011 awarded a record $410 million in low-interest loans to small businesses and farmers, and two Springfield companies were in the mix. The previous high was set in 1992 with $356 million in loans.

The loans, provided through the Missouri Linked Deposit Program, were given to 1,400 small businesses and farmers, impacting more than 7,600 jobs, according to a news release from the treasurer's office.

Area companies that received loans in 2011 include:

• Cassville-based Hutchens Construction, $3 million;
• Springfield-based Marisol International, $1.5 million;
• Billings-based Solid Surface Designs, $675,000;
• Joplin-based Sign Designs, $180,000;
• Lebanon-based Ginger's Hometown Pharmacy, $88,000; and
• Springfield-based Anderson Engineering Inc., $38,000

Through the Linked Deposit Program, managed by the treasurer's office, qualified borrowers - businesses with fewer than 100 employees - generally save roughly 30 percent on the cost of the loan.

Borrowers in 2011 saved an estimated $7.2 million in interest, the release said.

“We are providing Missourians the capital they need to grow their farms and small businesses, while investing in our state’s most valuable asset - people,” Zweifel said in the release. “With unemployment in Missouri continuing to decrease, we are seeing the power of these loans - manufacturers adding jobs, mom and pop shops making investments, entrepreneurs bringing ideas to life and farmers ensuring that the family farm is there for generations to come."