A popular low-interest loan program in Missouri has been suspended again.

As promised, the MOBUCK$ program reopened on Tuesday. It opened after being paused back in May due to high demand and a limited budget. Then six hours later, it was shut down again because all available funds were exhausted.

State Treasurer Vivek Malek said in those six hours his office received 142 applications totaling more than $119 million, leading him to pause the program again.

“This staggering demand is more evidence of both the popularity and the need for MOBUCK$ as a powerful relief valve against inflation,” he said in a news release.

MOBUCK$ provides low-interest loans to small businesses, farmers, and local governments across the state and has an annual budget of $800 million.

Malek wants lawmakers to raise that budget to $1.2 billion a year. Two bills that would accomplish that goal were filed Wednesday in the Missouri House and Senate.

Copyright 2024, Missourinet.