The Missouri Department of Economic Development (DED) announced today that it will award four small business incubators a total of $344,015 in contribution tax credits through the Small Business Incubator Tax Credit program. The contribution credits will help recipient incubators leverage $688,030 for capital and other non-operating expenditures to support business creation statewide.
“We’re proud to support organizations that foster growth of new businesses through the Small Business Incubator Tax Credit Program,” said Maggie Kost, Acting Director of the Department of Economic Development. “Entrepreneurship is vital to our economy, and Missouri’s incubator programs are encouraging the continued development of innovative companies. Contribution credits provided through this program help ensure that businesses start strong, grow, and create opportunities for Missourians in the future.”
Incubators must receive all contributions by December 31, 2022, to qualify for the contribution credits. Applications have been approved from the following small business incubators:
- Black Economic Union of Greater KC in Kansas City, approved for $85,000.
- Life Sciences Business Incubation Center in Columbia, approved for $100,000.
- Ozarks Small Business Incubator in West Plains, approved for $76,326.
- The eFactory in Springfield, approved for $82,689.
About the Small Business Incubator Tax Credit Program
The Small Business Incubator Tax Credit program is designed to generate private funds used for establishing protective business environments, or incubators, in which small businesses can collectively operate. Small business incubators foster growth and development during businesses’ start-up period. Business incubators must apply to DED for designation as an approved incubator. Once certified, incubator programs may be eligible to apply for incentive packages, if meeting strict criteria.
About the Missouri Department of Economic Development
The Missouri Department of Economic Development (DED) works to create an environment that encourages economic growth by supporting Missouri’s businesses and diverse industries, strengthening our communities, developing a talented and skilled workforce, and maintaining a high quality of life. Through its various initiatives, DED is helping create opportunities for Missourians to prosper.
For the latest updates on DED’s current or future programs and initiatives, visit DED’s website.