In an unprecedented turn of events, Missouri State Treasurer Vivek Malek announced that the MOBUCKS$ loan program faced an unparalleled surge in demand, exhausting all available funding within a mere six hours on the first business day of 2024. The overwhelming response prompted the immediate closure of the recently reopened MOBUCKS$ application portal.
The portal had been inaccessible since May 2023, reaching its statutory limit following the depletion of MOBUCKS$ deposits at that time. Treasurer Malek stressed the urgency of the situation, calling on state lawmakers to explore the expansion of the program. Known for its popularity and success, MOBUCKS$ has been a vital source of relief amid rising interest rates. The treasurer’s appeal for expansion aims to address the increasing financial needs of Missouri residents and businesses.
On Tuesday alone, the program received 97 loan applications from qualifying small businesses, 39 from agri-businesses, and six for multi-family housing. Despite Treasurer Malek halving the maximum single loan amount to $5 million to enhance the program’s reach, the portal had to be closed once the funding was depleted. This development has pushed MOBUCKS$ to its full statewide capacity of $800 million, rendering the program closed for new loans until further notice.
