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Missouri expanding small business loan program

Missouri is doubling the money that small businesses can get, in hopes of enticing more participation in a state loan program.

The program launched last year provides loans of up to $25,000 to businesses with five or fewer employees.

So far, a little over half of the $2 million loan fund has been awarded to 46 borrowers.

On Tuesday, the Missouri Development Finance Board voted to increase the maximum loan to $50,000 and triple the maximum number of employees that applicants can have to 15.

The loan fund still has about $830,000 available.

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