DED awards $500,000 to assist Missouri small businesses

JEFFERSON CITY, Mo. – The Missouri Department of Economic Development (DED) approved seven Missouri small business incubators for a total of $500,000 in tax credits under the Small Business Incubator program.

Each year, the program helps generate private funds to establish a protective facility-based or virtual environment (incubator) and provide small businesses with support and resources to operate. This type of working environment fosters growth and development during a business’s early stages.

“Building a strong network for startups and small businesses is essential to economic development,” Missouri Department of Economic Development Director 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.”  

Since the inception of the program, 23 Missouri incubators have been certified. 

Sponsor contributions received by an approved incubator within the calendar year may qualify for tax credits. Decisions are made on a first-come basis until the program’s annual funding limit is reached.    

The following incubators have been approved for 2019:  

• The eFactory (Springfield) $100,000
• Center for Emerging Technologies (St. Louis) $95,000
• MU Life Science Business Incubator (Columbia) $85,162
• Joseph Newman Business and Technology Innovation Center (Joplin) $65,074
• Ozarks Small Business Incubator (West Plains) $55,264
• St. Louis Fashion Fund (St. Louis) $50,000
• IT Entrepreneur Network (St. Louis) $49,500

Incubators may use the funds for working capital and other non-operating expenditures that support new business creation.

For more information on funding opportunities and program eligibility requirements, click here.