A program proposed by Missouri Gov. Jay Nixon to create a $2 million pool of funds that would make available low-interest and no-interest loans to small businesses is moving forward despite some objections.

So far, a Missouri credit union, a nonprofit organization and a few regional planning commissions have signed on to administer the program.

The Missouri Department of Economic Development and the Missouri Development Finance Missouri Department of Economic Development Board would create the fund, according to an executive order Nixon signed in January. The fund, which would come from participation fees collected on MDFB contribution tax credit program income, would provide 80 loans of $25,000 each to small business owners in Missouri.

Nixon's second hand man, Lt. Gov. Pete Kinder, was concerned that the loans would not make much of a dent given their small size in the state's economy, the Kansas City Star reported. The MDFB voted today to move forward with the fund and is schedule to vote on who would administer the program in May.

The name of the Missouri credit union was not immediately available, said Keener Tippin, communications coordinator at the Missouri Department of Economic Development.