Missouri Treasurer Scott Fitzpatrick recently announced the launch of LIFT — Linked Deposits to Invest and Fund a Timely Recovery — to assist farmers who have been economically affected by natural disasters, including tornadoes, damaging storms and long-term flooding across the state.
The LIFT program authorizes up to $2 million per deposit. It also allows for refinancing of funds for existing loans affected by the natural disasters. The treasurer’s office says approval will be expedited once due diligence is proven.
This proof may include but is not limited to:
- documentation of date of loss
- documentation of sustaining direct property damage or sustaining interruptions to operations or services because of temporary customer loss, temporary interference with access or other effects
- insurance records documenting damages sustained
- photographs of damages sustained
- a sworn affidavit from the applicant indicating the individual is currently a resident of this state and detailing the nature of the economic damages incurred because of a natural disaster occurring in Missouri in 2019
The treasurer’s office may request multiple forms of documentation for some deposits.
LIFT will use linked deposits to partner with Missouri financial institutions to provide low-interest loans to affected small businesses and farmers as they recover.
To participate in the LIFT program, loan applicants must have sustained damage in a county with a major disaster declaration from the Federal Emergency Management Agency and provide proof of economic injury or damages caused by a natural disaster in 2019.
For a current list of counties, visit fema.gov/disasters.
For information about the application process and to submit an application, visit treasurer.mo.gov.