MO HB1158

Creates the Missouri Small Business Loan Fund with a one-time $50 million appropriation, triggered when general revenue grows by at least 3.5% over the previous fiscal year, with annual replenishment to maintain the $50 million balance

Eligible borrowers must be companies headquartered in Missouri undertaking development projects that create at least one full-time county average wage job per $100,000 borrowed

Loan restrictions cap individual projects at $5 million maximum, limit loan amounts to 30% of total project cost, and require companies to provide at least 10% of project costs themselves

Applications require a recommendation from a local community development corporation and credit check from a local Missouri-chartered lending institution

Interest rates set at industry standards but capped at 4%, with loans subordinate to other financing sources and subject to state auditor review