JEFFERSON CITY – The Missouri Department of Economic Development (DED) today announced that nine Missouri small business incubators have been approved for a total of $500,000 in state support under the Small Business Incubator program. The contribution credits will help recipients leverage $1 million for the local incubators.
The funds leveraged by these credits must be used for capital and other non-operating expenditures and support new business creation throughout the state. Since January 9th, 26 companies partnered with the state to announce expansion projects involving the projection of 3,089 new jobs and a combined capital investment of $346.3M. These numbers do not include the dozens of other projects that the state is currently working on or the companies that chose not to publicly announce their projects.
All contributions must be received by the Incubator between January 1, 2017, and December 31, 2017, in order to qualify for the contribution credits. Applications from the following small business incubators have been approved:
- Black Economic Union of Greater KC in Kansas City has been approved for $88,920.
- The Bunker KC NFP, Inc. dba Taskforce Able in Kansas City has been approved for $20,550.
- Center for Emerging Technologies in St. Louis has been approved for $50,000.
- Joseph Newman Business and Technology Innovation Center in Joplin has been approved for $20,000.
- Life Sciences Business Incubation Center in Columbia has been approved for $95,000.
- Ozark Foothills Development Association in Poplar Bluff has been approved for $30,000.
- Ozarks Small Business Incubator in West Plains has been approved for $91,318.
- Saint Louis Fashion Incubator in St. Louis has been approved for $37,527.
- eFactory in Springfield has been approved for $66,685.
The Small Business Incubator Tax Credit program is designed to generate private funds to be used to establish a “protective business environment” (incubator) in which a number of small businesses can collectively operate, fostering growth and development during a business’ start-up period. Business incubators must apply to DED for designation as an approved incubator. Once certified by DED, incubator programs may be eligible to apply for incentive packages if the program meets strict criteria.