State Treasurer discusses MOBUCK$ with county officials, encourages use of program

Anakin Bush/Fulton Sun
Missouri State Treasurer Vivek Malek poses for a photo with Callaway County officials after Thursday's meeting at the Callaway County Justice Center. Malek spoke about the MOBUCK$ program, which aims to assist businesses across the state.
Anakin Bush/Fulton Sun Missouri State Treasurer Vivek Malek poses for a photo with Callaway County officials after Thursday's meeting at the Callaway County Justice Center. Malek spoke about the MOBUCK$ program, which aims to assist businesses across the state.

Missouri State Treasurer Vivek Malek met with officials from across Callaway County Thursday to discuss MOBUCK$, a loan program that aims to assist farmers, small businesses and local governments.

Malek was appointed as Missouri's 48th State Treasurer in December by Gov. Mike Parson.

His trip to Callaway County comes as part of a statewide tour to introduce MOBUCK$ to more people.

The MOBUCK$ program "partners with qualified-lending institutions to provide low-interest loans to help grow and expand economic opportunity across Missouri," the treasurer's office website states.

Malek said the program began in the 1980s, but "kind of fell off the grid."

He said interest in the program increased in 2022 as interest rates increased.

MOBUCK$ has an annual cap of $800 million. When Malek took office, $360 million was already dispersed.

Malek said he realized the program was going through the money too quickly. He supported a bill to increase the program's cap from $800 million to $1 billion.

The bill made it through the Missouri House of Representatives and a Missouri Senate executive committee. The bill has not yet made it through the Senate, Malek said.

He said lawmakers are in December pre-filing a bill in the House and Senate to increase the program's limit to $1.2 billion.

Malek said his office saw a "huge spike in applications" for the program. This resulted in the program running out of funding in May.

MOBUCK$ shut down May 10.

"Due to overwhelming demand, we have nearly reached our cap on new linked deposits and in an effort to not violate state law, we are forced to pause the program temporarily," the treasurer's office website states.

The program will resume on Jan. 2.

Some of the funding for the program will come from mature loans.

Malek foresees a "huge demand" for the program once it opens up again.

He said the program is a "key for success for our farmers and our small businesses."

The treasurer's office is still processing applications from May, Malek said. He thinks those applications will be finished by Jan. 2.

In Callaway County, $2 million in MOBUCK$ has been awarded. Malek would like to see that amount increase to $4 million.

More information about MOBUCK$ and full eligibility requirements can be viewed at treasurer.mo.gov/content/low-interest-loans.

Malek also spoke about unclaimed property, which is money and contents of safe deposit boxes turned over to the treasurer's office by financial institutions, businesses, government agencies and other organizations.

He said there is $1.2 billion in unclaimed property across the state.

Malek encourages everyone to check if they have any unclaimed property.

To view more about unclaimed property, visit showmemoney.com

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