The Missouri Department of Economic Development awarded $500,000 to assist small businesses in Missouri today.
The Department approved seven Missouri small business incubators totaling $500,000 in tax credits under the Small Business Incubator program — since the inception of the program, 23 Missouri incubators have been certified.
The program helps generate private funds to establish a protective facility-based or virtual environment and provide small business with support and resources to operate each year. This type of working environment fosters growth and development during a business’s early stage.
“Building a strong network for startups and small businesses is essential to economic development,” Director of Missouri Department of Economic Development, Rob Dixon, said. “We’re proud to support so many incubators through this program and appreciate all the work they do to drive entrepreneurship in Missouri.”
Sponsor contributions received by an approved incubator within the calendar year may qualify for tax credits, and decisions are made on a first-come basis until the program’s annual funding limit is reached.
For 2019 the following incubators have been approved:
— The eFactor in Springfield was awarded $100,000.
— Center for Emerging Technologies in St. Louis was awarded $95,000.
— MU Life Science Business Incubator in Columbia was awarded $85,162.
— Joseph Newman Business and Technology Innovation Center in St. Joseph was awarded $65,074.
— Ozarks Small Business Incubator in West Plains was awarded $55,264.
— St. Louis Fashion Fund in St. Louis was awarded $50,000.
— IT Entrepreneur Network in St. Louis was awarded $49,500.
Incubators may use the funds for working capital and other non-operating expenditures that support new business creation.