BAN LIFTED ON AG LINKED LOANS

State Treasurer Bob Holden, citing record flood conditions across Missouri, has announced he will lift a restriction on agriculture linked-deposit loans that prevent farmers from renewing the deposit arrangements beyond five years.

Effective immediately, farmers will be offered a one-year renewal on their loans.

Holden said the action will help farmers who will benefit from the renewal option now available to them.

"We are facing a human and agricultural disaster of tremendous proportions," said Holden. "I want to do all that we can to offer assistance. Our linked-deposit program has in the past helped thousands of Missouri farmers, and now we must move to help thousands more survive the tragedy of flood conditions unlike any our state has seen in recent decades."

The Missouri First Linked-Deposit Program (formerly called MO BUCKS) places below-market rate deposits of state funds in Missouri financial institutions to assist eligible borrowers in obtaining low-interest loans. The agriculture component of the program was established to help farmers and agricultural operations that would realize significant operational benefits from receiving a reduced-rate loan.