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Emergency loan program activated for small businesses impacted by Oak Grove tornado

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Missouri State Treasurer Eric Schmitt announced Tuesday the activation of a disaster relief program for small businesses in Oak Grove affected by severe weather Monday night. (KCTV5) Missouri State Treasurer Eric Schmitt announced Tuesday the activation of a disaster relief program for small businesses in Oak Grove affected by severe weather Monday night. (KCTV5)
JEFFERSON CITY, MO (KCTV) -

Missouri State Treasurer Eric Schmitt announced Tuesday the activation of a disaster relief program for small businesses in Oak Grove affected by severe weather Monday night.

The Harmed-area Emergency Loan Priority system, or HELP, authorizes 24-hour approval of low-interest loans small businesses damaged by the storm. HELP is administered through the Missouri Linked Deposit Program.

“My team is working hard to make the resources of our office available to those impacted by last night’s severe weather,” said Schmitt. “The HELP system is designed to provide relief for small business owners who need to quickly secure financing for rebuilding efforts.”

 >> SLIDESHOW: Homes damaged as tornadoes hit Kansas City area <<

At least a dozen commercial structures were damaged by the tornado.

The Missouri Linked Deposit Program is managed by Schmitt. Missouri-based small businesses with up to 99 employees are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards.

About 115 lenders with 350 branches throughout Missouri participate in the Missouri Linked Deposit Program.

An extensive list of participating lenders and program eligibility guidelines can be found online at www.treasurer.mo.gov/LinkedDeposit.

Copyright 2017 KCTV (Meredith Corp.) All rights reserved.

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