Missouir Bank Makes $100M Available to Small Businesses

Just as the President’s trying to create jobs with his federal stimulus measures, a Missouri bank is trying to do the same in the state.

State Treasurer Clint Zweifel said that Commerce Bank, which is Missouri’s largest bank, has set a goal of lending 100 million dollars in low-interest loans to small businesses through the Missouri Linked Deposit Program. Zweifel said such the investment could retain or create about 3,000 jobs.

“We have great examples in the state where this program has played a key role,” Zweifel says. “Advanced manufacturing for defense manufacturing, opened a hardware store, opened up pharmacies, opened up dry cleaners, Life Science research in St. Louis.”

Commerce Bank will offer the low-interest loans to small businesses and farmers and
Zweifel hopes that more credit will mean more jobs.

“It’s been a very slow, slow recovery,” Zweifel says. “The key issue that I care about is jobs and economic development and opportunities for families and that’s where we have the most work to do, still. This is an attempt to get us there.”

He expects with now nearly 500 million dollars invested, low interest lending will increase by about 40 percent.