Hutchens Construction Company has been awarded $3 million in low-interest loans through the Missouri Linked Deposit Program. State Treasurer Clint Zweifel announced the funding award on Nov. 30.
"Finding efficiencies in the construction process is something small business owners are constantly looking to do," said Zweifel. "Hutchens used this $3 million loan to purchase equipment that helps them speed up work and save customers time and money. The company is saving an estimated $225,000 -- real capital it can use to improve business."
To qualify for the Missouri Linked Deposit Program, businesses must refinance existing debt, increase inventory or purchase equipment in an effort to add new employment opportunities. New equipment purchased by Hutchens helped the local company add around a dozen new jobs this year.
"Programs like this are important, because anytime a business can save a percent of two on financing it enhances the business' ability to expand," said Phil Hutchens, of Hutchens Construction. "This is also a good deal for the banks that are able to loan more money through the program."
Commerce Bank partnered with Missouri Linked Deposit Program to make the loans to Hutchens Construction. Around 130 lenders and 350 bank branches across the state take part in the program, which allows qualifying borrowers to save around 30 percent on the cost of the loans.
Missouri-based small businesses with up to 99 employees and farmers are eligible to receive loans through the program. Local governments, housing developments and alternative energy-focused projects can also qualify for low-interest loans through Missouri Linked.
Over the last three years, more than $107 million in Missouri Linked Deposit Program loans have helped southwest Missouri businesses add over 2,000 jobs. Statewide, the program has offered over $820 million in loans impacting more than 13,900 jobs and farmers.
Hutchens Construction Company, which is headquartered in Cassville, provides asphalt paving and pavement maintenance for private and commercial customers in southwest Missouri and northwest Arkansas. The company specializes in base rock installation, asphalt paving and low-cost rehabilitative alternatives for small and large commercial, industrial and private projects.
Hutchens Construction Company maintains asphalt plants in the Monett/Purdy area, Bella Vista, Ark., and Springdale, Ark. Crusted stone aggregate materials are quarried at the company's locations in the Monett/Purdy area, Washburn, Eagle Rock and Shell Knob.
Hutchens Construction Company was founded by Evan and Marcia Hutchens in 1961. The company employs around 90 individuals at its quarries, plants and offices in Cassville and Springdale, Ark.