Governor Parson Signs HB 1803 into Law, Expanding MOBUCK$ Program …

MAY 9, 2024

Jefferson City- Today, during a signing ceremony at Ozark Empire Fairgrounds in Springfield, Governor Mike Parson signed House Bill 1803 into law. HB 1803 increases the total amount of state funds the State Treasurer may invest into the MOBUCK$ program from $800 million to $1.2 billion annually. Governor Parson was joined by State Treasurer Vivek Malek, representatives from Missouri's agriculture advocacy groups, and members of the Missouri Bankers Association as he signed the bill into law.

"I have to give credit to Treasurer Malek for his leadership in increasing the awareness and effectiveness of the MOBUCK$ program," Governor Parson said. "Under his administration, all available MOBUCK$ funds were exhausted within just one business day of applications opening. Now, by increasing the cap, Treasurer Malek's office and the State of Missouri will be able to assist more beginning farmers, existing farmers, and small business owners with low interest loans. Thank you, Treasurer Malek, for being a champion for Missouri agriculture and small businesses across the state."

"In the face of an ongoing drought and record-high interest rates, MOBUCK$ has served as a relief valve against soaring inflation for Missouri's farmers and small businesses," Missouri Treasurer Vivek Malek said. "With this expansion of MOBUCK$, passed by the Legislature and enacted by Governor Parson, I am looking forward to supporting more Missourians as they strengthen their businesses and local economies. This is a fantastic investment by the State of Missouri to boost our economy. It's truly investing Missouri's money, in Missouri, to help Missourians."

In addition to raising the MOBUCK$ investment total, HB 1803 removes previous funding caps on the portion of total funds that could be invested in farming operations, small businesses, livestock operations, beginning farmer operations, etc.

For more information on HB 1803, click here. For more information on the Missouri Treasurer's MOBUCK$ program, click here.