State Treasurer Awards $1.5 Million to Local Company to Foster Job Growth
15 more jobs have been created this year in Springfield and Kansas City by the locally founded freight company Marisol International by a loan awarded under the Missouri Linked Deposit Program KSMU’s Matthew Barnes reports.
In the past three years the State Treasurer’s office has given $800 million dollars in low interest loans which, has had an impact on over 13,000 jobs in Missouri. The Marisol Company, which is the latest recipient of the loan, is one many Missouri companies to benefit from the assistance according to State Treasurer Clint Zweifel.
“We know when we invest in a Missouri company and that company invest in keeping its competitive edge that’s good for employees and that’s good for jobs here in Missouri,” says Zweifel.
Marisol International is a freight company which provides international shipping for local businesses. Over the last six months the company’s export growth has gone up 35 percent. Zweifel says with this loan they hope to see company growth continue.
“ This link deposit low interest loan will essentially provide a tax cut for a company like Marisol help them reinvest that extra capitol back into the business, hiring employees and expanding,” says Zweifel.
Founded in 2002 the company now has branches in Hong Kong, Shanghai and 10 American cities, with half of its work force in Missouri.
“It cost a lot more to bring a company to Missouri that to keep one here and when we keep one here we can see the multiplier effect on communities, on business and Missourians,” Says Zweifel.
The Missouri Linked Deposit Program has existed for several years but has recently been reorganized for an easier application process, according to Zwiefel. Zweifel says he hopes other local small businesses and farms will be able to take advantage of the program.
“We are simply really partnering with community banks to make business have a stronger environment here in Missouri and really specifically invest in small business in a way that really other states are not even doing. It’s a program that works for entrepreneurs and international companies. And if you qualify you qualify. There is not a lot of red tape and bureaucracy to do that. It’s a program that rewards existing investments because strategically that is what’s important to the states long term fiscal health,” Says Zweifel.
The loan will save the Marisol Company around $100,000 dollars over five years if it continues to use the loan program. For more information about loan eligibility visit KSMU.org. For KSMU News, I’m Matthew Barnes.
About the Missouri Link Deposit Program