ST. LOUIS - State Treasurer Clint Zweifel was in Midtown St. Louis today to launch a recently revamped low-interest loan program he administers called the Missouri Linked Deposit Program. He outlined the expansion of the loan program while visiting LipoSpectrum, a life science start up and program borrower that uses patented technology to quickly perform lipid tests in the fight against various diseases.
Treasurer Zweifel said the Missouri Linked Deposit Program, which was expanded this past legislative session as part of legislation developed by him called INVEST IN MISSOURI that went into effect August 28, can lower the cost of borrowing for small businesses throughout Missouri. The program allows qualified applicants to borrow low-interest loans to increase operations, make reinvestments and even refinance.
"The Missouri Linked Deposit Program strategically reinvests in the state and its businesses, and this life science company is a perfect example of that reinvestment," Treasurer Zweifel said. "LipoSpectrum represents how a technology developed in the lab can be commercialized and business kept in Missouri if the right tools are available. The Missouri Linked Deposit Program provided the low interest, and the St. Louis region will foster growth for this company."
The Missouri Linked Deposit Program has helped businesses throughout the state with more than $220 million in loans, and has another $500 million available. The program works as a partnership between Treasurer Zweifel's office and Missouri community banks.
"I used the Missouri Linked Deposit Program loan to purchase equipment and to finance us as we commercialize our technology," said Milind Sant, CEO of LipoSpectrum since founding it in 2008. "As a small business, the low-interest loan allows us to retain much needed capital."
LipoSpectrum holds an exclusive license to a technology developed by researchers at Washington University to perform lipid analysis from any type of sample. Researchers from a variety of disciplines can benefit from LipoSpectrum services, including scientists engaged in research to fight diseases such as diabetes, cardiovascular disease, obesity and cancer among others. The technology can also be used in agriculture and nutritional research. This patented technology can identify and quantify hundreds to thousands of lipids using a very small sample. In January 2009, the company received a Rising Star Award from the University of Missouri Extension.
About 100 banks with 175 branches throughout Missouri use the Missouri Linked Deposit Program. Lindell Bank, Regions Bank, Belgrade State Bank, Midland States Bank, Pulaski Bank, US Bank, Bank of Bloomsdale and Citizens Bank are participating banks in the St. Louis region. Lindell Bank made the Missouri Linked Deposit Program loan available to LipoSpectrum.
"The Missouri Linked Deposit Program is a great partnership between us and Treasurer Zweifel's office," said Melvin Leon Hall, Chairman and President of Lindell Bank. "This is a value added program for our borrowers and we are going to continue to work with Treasurer Zweifel's office to promote it so more companies like LipoSpectrum can start up and stay in Missouri."
The new eligibility guidelines, marketing materials and logo for the Missouri Linked Deposit Program are online at www.treasurer.mo.gov/LinkedDeposit.asp.