Missouri treasurer speaks on “MOBUCK$” program to lower loan interest

Submitted photo/Missouri State Treasurer's Office Vivek Malek is Missouris 48th State Treasurer. He is reaching out to different counties in Missouri to bring to light the benefits of the “MOBUCK$” program, which allows businesses and governmental entities to receive economic benefits. According to a MOBUCK$ document, “using the program allows lenders to lower the interest rates to the borrower by about 2-3 percent.”

MCDONALD COUNTY -- Missouri State Treasurer Vivek Malek is visiting various counties in Missouri to bring attention to the state program "MOBUCK$" or The Missouri Linked Deposit Program.

On Tuesday, Nov. 14, he took a moment to explain to members of the community the benefits of the program, which allows businesses and governmental entities to lower their loan interest rates by 2 to 3 percent. He also expanded on the website www.showmemoney.com, which gives residents insight into any unclaimed funds that may be available to them.

In 2022, Malek was appointed by Governor Parson to be the State Treasurer of Missouri. Six months into office, Malek recovered more unclaimed property in the state than any treasurers in the past. These unclaimed properties equaled $1.2 billion for the state. During that time, he said he noticed "one of the programs that stood out to [him]," the 'MOBUCK$' program.

The MOBUCK$ program is geared to reduce loan interest rates to benefit businesses and governmental entities.

"In McDonald County, nobody is using MOBUCK$ right now. I would like some businesses to take advantage of this," said Malek.

Institutions that could benefit from this program include small businesses, job enhancement programs, alternative energy programs, agriculture, local governments, and multi-family housing programs.

According to the MOBUCK$ packet distributed by Malek, small businesses benefit from the program by partnering with lenders to lower interest rates, enabling growth for entrepreneurs and their business ventures. Businesses that are eligible for the program can apply these lower interest rates to "inventory, rent, utilities, insurance or taxes, professional fees, equipment purchases, rental or leasing, renovations, repairs, maintenance of equipment and facilities, whether they be paving, fencing, installations of loading docks, etc."

The Missouri Linked Deposit Program also assists agriculture and agriculture operations and farmers with production expenses, new farms, agriculture ventures, livestock, poultry production, and renewable fuel production.

Local governments can take advantage of the program, which can help provide low-interest loans for cities, counties, and other political subdivisions, whether they're funding capital improvements or other significant public programs such as purchasing fire trucks, improving infrastructure or enhancing public safety.

Malek said, "We, last year, approved about a $1.7 million loan for a small county to get a new library built."

The Missouri Linked Deposit Program can provide benefits to multi-family housing as well.

Malek reaches out to residents by encouraging them to visit the website to see the program's benefits. He said, "People don't know the benefits provided by MOBUCK$."

He compares the program to a "Swiss Army Knife" because of its "multiple purposes" and its inclusion of most businesses and local governments.

He also brought attention to another website, www.showmemoney.com.

There, residents can search and see if they have unclaimed funds that are available to them. These unclaimed funds can also be applied to businesses and local governments as well.

"We have $1.2 billion in unclaimed property, and I would like to get as much out as possible because that is people's money and not the state's money, and we are sitting on it, which is doing nobody any good."

He gives, as an example, Dallas County, which discovered it had $1,900 of unclaimed funds that were available to it.

"It just takes less than 10 seconds. All it is is a simple word insert, and that's on your phone," said Malek. "It's not a scam. It's your real money."

Residents won't have to worry about these funds expiring. Malek said they will remain "forever" if they aren't claimed.

Malak will continue to visit other counties to bring awareness to the MOBUCK$ program and showmemoney.com. Despite the program having been suspended on Wednesday, May 10, he said it would be reinstated in January 2024.

Questions and requests for more information regarding the MOBUCK$ program or showmemoney.com may be directed to treasurer.mo.gov.