Treasurer authorizes emergency loans for storm counties

Missouri State Treasurer Clint Zweifel yesterday authorized 12 counties affected by the Feb. 29 storms to become eligible for emergency 24-hour approvals of low-interest loans through the Missouri Linked Deposit Program.

The expedited loan process, known as the Harmed-area Emergency Loan Priority system, has been extended to Barry, Bollinger, Cape Girardeau, Dallas, Laclede, Madison, Phelps, Pulaski, Scott, Stoddard, Stone and Taney counties, according to a news release.

“The Leap Day storms have reminded all of us of the importance of working together to help communities affected by natural disasters,” Zweifel said in the release. “It is still early in the storm season, and we hope that we do not see any more damage or tragedy, but my team will be there when Missourians need help."

Last year, Zweifel's office approved more than $57 million in emergency loans that impacted more than 1,700 jobs and farmers.

Normally, loans take roughly 10 days to be approved. 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.

According to estimations from catastrophe risk modeling firm Eqecat Inc., severe storms occurring between February 28 and March 3 in the Midwest and southern United States produced $1 to $2 billion in insured losses.[[In-content Ad]]