Missouri lawmakers gave final approval Thursday to significantly expand a low-interest loan program for farmers and small businesses, in a move that reflects strong consumer demand for such government aid amid persistently high borrowing costs.

The legislation comes as states have seen surging public interest in programs that use taxpayer funds to spur private investment with bargain-priced loans. Those programs gained steam as the Federal Reserve fought inflation by repeatedly raising its benchmark interest rate, which now stands at a 23-year high of 5.3 percent.