COLUMBIA, MO. -- A low-interest loan has allowed a Columbia business owner to create and retain jobs.
State Treasurer Clint Zweifel announced Columbia’s Lifestyles Furniture has received a $616,000 low-interest loan.
The loan has allowed the Rackers family to refinance their existing debt and improve their financial stability.
Zweifel managed the loan through the Missouri linked deposit program.
Commerce bank partnered with Zweifel to make the loan to the Rackers family.
“This loan is the first loan that resulted from a partnership that I made with Commerce Bank," Zweifel said. "They have committed $100 million across the state. We’re going to hit records this year for the amount of small business and farm lending that we’ve done.”
The low-interest loan, for Lifestyles Furniture, saves the company about $40,000 in interest costs over the five years of the loan.
Since January of last year, Zweifel has managed $141 million in low-interest loans impacting more than 1,800 jobs and farmers in Mid-Missouri.
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