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Fulton bank participates in state reduced loan rate plan

Fulton bank participates in state reduced loan rate plan

March 25th, 2012 in News

Central Bank is one of 24 Missouri banks listed as a Preferred Partner in the state treasurer's office Linked Deposit Program.

Matt Gowin, vice president of the Fulton branch of Central Bank, said Central Bank will team with the state program to provide low-interest loans to eligible borrowers in order to help create and retain jobs.

The plan is designed to help expand the economy and strengthen communities statewide.

Borrowers can receive a reduced loan percentage if they agree to create at least one new job for every $50,000 borrowed, Gowin said.

Gowin said applications for the loans must be approved by the state treasurer's office.

He said the amount of the interest rate reduction is calculated on a formula and the loans are available only to certain types of businesses. "It includes mostly agriculture operators, retail stores and small businesses with less than 100 employees," Gowin said.