KC Reporter

During a signing ceremony at Ozark Empire Fairgrounds in Springfield, Governor Mike Parson enacted House Bill 1803. This bill raises the total amount of state funds that the State Treasurer can invest into the MOBUCK$ program from $800 million to $1.2 billion annually. Governor Parson was accompanied by State Treasurer Vivek Malek, representatives from Missouri's agriculture advocacy groups, and members of the Missouri Bankers Association during this significant event.

Governor Parson commended Treasurer Malek for his leadership role in enhancing the visibility and effectiveness of the MOBUCK$ program. "I have to give credit to Treasurer Malek for his leadership in increasing the awareness and effectiveness of the MOBUCK$ program," said Governor Parson. He added that under Malek's administration, all available MOBUCK$ funds were depleted within just one business day of applications opening. The governor believes that by raising the cap, more beginning farmers, existing farmers, and small business owners will benefit from low-interest loans.

Treasurer Malek expressed optimism about the future impact of this expansion on Missouri's economy. “In the face of an ongoing drought and record-high interest rates, MOBUCK$ has served as a relief valve against soaring inflation for Missouri’s farmers and small businesses," he stated. "With this expansion of MOBUCK$, passed by the Legislature and enacted by Governor Parson, I am looking forward to supporting more Missourians as they strengthen their businesses and local economies."

House Bill 1803 not only increases the total investment into MOBUCK$, but it also removes previous funding caps on segments such as farming operations, small businesses, livestock operations, beginning farmer operations among others.