Gov. Nixon's statement on initial MDFB vote to create direct loan pool for small businesses

March 24, 2009
Jefferson City, MO

Gov. Jay Nixon issued the following statement regarding today's initial vote by the Missouri Development Finance Board to establish a direct loan program for small businesses:

"Small businesses are the backbone of our economy. But during these difficult economic times, Main Streets across Missouri are hurting, and too many small businesses are simply struggling to keep their doors open. To turn our economy around, Missouri small-business owners must be able to access capital to expand their operations and create the jobs of the future. Today's vote is an important step toward creating a pool of funds to provide low- and no-interest loans that will help small businesses grow and jumpstart our economy. We will work with the MDFB to quickly make these urgent job-creating resources available to Missouri's small businesses."

Following today's vote, MDFB staff and the Finance Committee will review the proposal and develop recommendations concerning the possible structure and funding for the loan pool. Additional action by the MDFB is required to approve and implement the plan.