Missouri lawmakers back big expansion of low
Time:2024-04-19 06:59:33 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:Love Island's Molly Marsh displays her incredible figure in a logo
Next:Republicans file lawsuit challenging Evers's partial vetoes to literacy bill
You may also like
- REVEALED: NBC 'plans to put heart
- Hamas says it will continue negotiating for ceasefire as Ramadan nears
- Community papers to be digitalised to preserve Aotearoa's history
- Man charged with murder of Ōpōtiki Mongrel Mob Barbarians president Steven Taiatini
- Lawsuit filed over new Kentucky law aimed at curbing youth vaping
- Good News: Stories that cheered us up for the week of 11
- Firearms Minister accused of misleading public on gun stats
- Centre that 'put Whangārei on the map' faces financial shortfall
- Hoaxer who waged 6