JEFFERSON CITY, MO – Missouri State Treasurer Vivek Malek is pleased to announce opening of the popular MOBUCK$ linked deposit loan package application portal today.
The portal for new loan package applications opened Monday, July 29, 2024 at 10:00 a.m. It will remain open until Thursday, August 29, 2024 at 3:00 p.m. Keeping the application portal open for one month will allow all participating lending institutions ample time to complete and submit applications for prospective borrowers.
“Earlier this year, the MOBUCK$ portal was opened and closed within 6 hours due to overwhelming demand.” said Treasurer Malek. “I am looking forward to supporting more Missourians as they strengthen their businesses and local economies. To ensure fairness in opportunity, we are giving everyone a 30-day window to submit their applications, after which we will process loans by a random selection process.”
Expansion of the MOBUCK$ linked-deposit program was passed by the Legislature and signed by Governor Parson in May 2024. The aggregate amount available with the reopening is $500 million.
Treasurer Malek would like to emphasize the importance of preparing applications early during the portal’s open window: “MOBUCK$ is a relief valve from inflation, and I urge everyone interested in a lower-interest loan to meet with their local lender and discuss what is necessary to submit an application.”
MOBUCK$ works like this: The State Treasurer deposits money with qualified banks, which then pay the state a below-market interest rate for those deposits. This allows the banks to make MOBUCK$ loans to qualifying borrowers with a roughly 30 percent reduction in the borrower’s interest rate. These are called linked-deposit loans, and they have been hugely popular as a lower-interest alternative for eligible borrowers.
For more information, please visit treasurer.mo.gov.