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Guest Commentary By Scott Fitzpatrick, Missouri State Treasurer


MOBUCK$, a Tool for Missouri Banks, Small Businesses, Farms


As a business owner, I know firsthand how important access to affordable capital is to a business — especially in times of economic uncertainty.


Te Federal Reserve has indicated it will continue to raise interest rates until it can control the rampant inflation we are experiencing. As Missouri treasurer, I am working to highlight a program that can provide some assistance to Missouri small businesses and farmers in this changing interest rate environment. MOBUCK$, the state’s linked deposit program, partners the state treasurer’s office with Missouri financial institutions to provide access to affordable capital.


“It’s a win-win situation for the bank because it allows us to bring in money below normal funding costs and then pass that savings on to a small business so that they can use the money to buy a building, deploy capital into their human resources, buy new trucks or anything they need for the business operation,” Shane Strahl, senior vice president at Ozark Bank, said of MOBUCK$. “It’s a great deal for the customer and a great deal for the bank.”


When using linked deposits, the treasurer’s office places deposits with participating lenders to provide liquidity the lender uses to fund a loan to a qualified small business, farmer or community. Tese deposits are placed at a discount from the market rate to the institution. In return, the institution is required to reduce the interest rate on the loan by 30% from the market rate on the loan, giving the borrower greater purchasing power and flexibility to invest in other parts of their business.


18 mobankers.com


“We’re at this point where we’re growing and as we grow, we find the need to make large capital investments into our business,” said John Hunter, CEO of American Ramp Company in Joplin. “Te biggest piece of equipment we use is a CNC laser, over a million-dollar purchase. We go to our bank and talk to them, and they know about these programs. Tey were able to secure that piece of equipment, the most important piece of equipment we have, at a super competitive interest rate.”


At Tiger Towing in Columbia, owner Tyler Doyle said “any money saved is good for the business.” Doyle is using a MOBUCK$ linked deposit loan through Hawthorn Bank in Jefferson City to expand his fleet of trucks. He said the money saved on interest will be reinvested in his business, help him keep up with rising costs and retain his employees.


Te program, most recently known as Missouri FIRST, will continue to operate as it currently does. Back when the program began, it was known as MOBUCK$. As I’ve traveled the state speaking to bankers over the years, many still refer to the program by its original name. I am happy to bring it back to its roots.


If your financial institution would like to learn more about MOBUCK$ or would like marketing materials, email linkeddeposit@treasurer.mo.gov.


Scott Fitzpatrick is Missouri’s 47th state treasurer.


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