Missouri Italian Restaurant Gets Commercial Loan
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UPDATED: Jan 25, 2013
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An Italian restaurant located in Missouri has received a massive $250,000 business loan.
Marcella’s Mia Sorella, was awarded a commercial loan from the Missouri Linked Deposit Program.
According to a loans.org interview with the Missouri Treasurer’s Office Communications Coordinator Meghan Lewis, the program helps banks provide low interest loans to small businesses. The program offers financing for a diverse range of industries including agriculture and energy, with small business being the most popular. 130 lenders and 350 branches participate in the program across Missouri.
“Under the Missouri Linked Deposit Program, the State Treasurer places deposits in Missouri financial institutions at a discount of up to 60 percent on the interest rate normally earned, and the financial institutions pass on the interest rate savings by reducing the loan rate normally charged by at least 30 percent to qualified borrowers,” said Lewis.
The restaurant’s commercial loan will be for 10 years and feature a 1.65 percent interest rate.
In a news release from Missouri State Treasurer Clint Zweifel, the restaurant reportedly created nearly 40 jobs in the area.
Mia Sorella opened in September of 2012.
“With the help of the Treasurer Zweifel’s office and Eagle Bank, we were able to find out about and use the Missouri Linked Deposit Program to help grow our business. I would encourage other business owners to look in to it. It was easy to work both with Treasure Zweifel and Eagle Bank through the application process,” said restaurant owner Jamie Komorek in the news release.
Two banks, Eagle Bank and Trust Company of Missouri, partnered together in order to lend the commercial loan to Mia Sorella.