Missouri lawmakers back big expansion of low-interest loans amid growing demand for state aid

Persistently high interest rates have led Missouri lawmakers to significantly expand a state loan program for farmers and small businesses. Lawmakers gave final approval Thursday to a bill that raises the amount of state funds available to support low-interest loans. The Missouri legislation reflects growing demand for such programs in numerous states. The state efforts have gained popularity after a series of key interest rate hikes by the Federal Reserve made virtually all loans more expensive. Missouri's legislation raises the program's ceiling from $800 million to $1.2 billion. Illinois previously raised its program cap from $1 billion to $1.5 billion.