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Missouri FIRST change allows loan renewals

A new initiative revamps Missouri’s low-interest loan program for small businesses and agriculture operations. State Treasurer Eric Schmitt has joined business and finance leaders to launch the Missouri FIRST program.

“One constant source of feedback that we received was there was limitation for a one-time five-year loan under this program,” said Schmitt, “and there really wasn’t any good reason for it, it had just been something that had been around for a long time, so upon our review and listening to folks we’ve changed that.  People can re-up.”

Under the Missouri FIRST program, the single-use restriction for borrowers has been lifted, said Schmitt, allowing them to apply for another loan after their five-year term is up.

“I want my kids to have every opportunity here,” he said.  “I don’t want them to have to go anywhere else, I don’t them to have to go to Chicago, I don’t want them to have to go to Dallas, I don’t want them to have to go to Atlanta to find a meaningful career and opportunity for them to raise their families.”

The program also expands the eligibility criteria for agricultural loans to increase accessibility.

Missourinet reporter Alisa Nelson contributed to this article.