$2.5M in Linked Deposits Placed for LIFT Program Participants

Missouri State Treasurer Scott Fitzpatrick today announced that the Treasurer’s Office has placed over $2.5 million in linked deposits for participants of the LIFT Program. In July, the Treasurer launched LIFT, Linked Deposits to Invest and Fund a Timely Recovery, to assist small business owners and farmers economically impacted by natural disasters including tornadoes, damaging storms, and long-term flooding across the state.

“Small businesses and farms play a vital role in Missouri’s economy and we want them to rebuild and reopen their doors” Treasurer Fitzpatrick said. “In creating LIFT, it was our goal to support Missouri small businesses as they recover from devastating storms and flooding and I am proud we have done this. My Office will continue to support Missouri small businesses and farms and those eligible for this program can still apply.”

“My businesses suffered serious damage during the tornado that tore through Jefferson City in May,” Kevin Riley, Riley Chevrolet & Riley Toyota co-owner and LIFT participant, said. “LIFT is helping me secure the necessary capital to rebuild and reopen. I thank the Treasurer’s Office for the thought they put into creating a program that is designed with the business owner in mind.”

LIFT uses linked deposits to partner with Missouri financial institutions to provide low interest loans to impacted small businesses and farmers as they recover. To participate in the LIFT program, applicants must have sustained damage in a county with a Major Disaster Declaration from FEMA and provide proof of economic injury and/or damages caused by a natural disaster occurring in Missouri in 2019.