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As you surely know, small businesses drive the economy, and State Treasurer Clint Zweifel just sent us another reminder that his brainchild, the Linked Deposit Program, is creating jobs. His first press conference to illustrate its success showcased Milind Sant’s lipid analysis business, which was able to remain in Missouri because the Linked Deposit loan Sant received here will eventually save him 30 percent on what he will pay for the loan.

This week’s success story is not high tech. Here’s the opening of the press release:

State Treasurer Clint Zweifel (ZWY-ful) was in St. Charles today to announce a $575,000 small business loan impacting 23 local jobs.  Treasurer Zweifel made the announcement at Sams Carpet Cleaning and Repair.  The low-interest loan, made through the Missouri Linked Deposit Program, will save the company an estimated $37,000 in interest costs.  Qualifying borrowers generally save 30 percent on the cost of the loan.

The way it worked was that Jeff Sams went to the First State Bank of St. Charles and asked for a loan. He was quoted a rate, but then the bank went to those administering the Linked Deposit Program and asked that the state lend the bank the money to lend to Sams at a lower rate. The treasurer’s office agreed. The bank got Sams’ business, and Sams saved 2.15 percent on his loan.