Legislation that offers a financial boost for Missouri small businesses and farmers was signed into law by Gov. Mike Parson on May 9.

The Missouri legislature passed HB 1803, sponsored by Rep. Terry Thompson (R-Lexington), to increase the cap on the popular MOBUCK$ program. Thompson's bill garnered broad bipartisan support, passing the House in February with only 10 no votes and the Senate in April with no opposition. The legislation was handled in the Senate by Sen. Sandy Crawford (R-Buffalo).

The Missouri Chamber of Commerce and Industry supported the effort to raise the cap on the program from $800 million to $1.2 billion. A record of nearly $539 million was loaned during the 2023 program year. When the program’s application portal reopened on January 2 of this year, the entirety of the available $120 million was exhausted after only six hours.

Missouri State Treasurer Vivek Malek noted that “the demand for the program is huge, and we definitely would like to help as many small businesses and farmers as possible.” 

The treasurer’s office works with qualified lenders throughout the state to offer loans at lower interest rates to Missouri small businesses, farmers and local governments. Malek indicated a loan with a regular interest rate of 9% could be reduced to around 6% under the program.

Malek said volatile economic conditions and increased demand from applicants made the expansion of the program a much-needed relief valve for Missouri businesses.

Heidi Geisbuhler Sutherland, director of legislative affairs for the Missouri Chamber, said the MOBUCK$ program “is a great economic driver for the state and helps small businesses grow and improve.”