Missouri's $2.9 Million Boost for Small Businesses Sparks Statewide Expansion
Missouri's DED secures $2.9M for entrepreneurial growth, aiming to bolster small businesses in underserved areas, enhancing economic prospects.
In an inspiring move for entrepreneurial growth across the Show-Me State, the Missouri Department of Economic Development (DED) has landed a significant $2.9 million in federal funding under the State Small Business Credit Initiative (SSBCI). This substantial grant, part of the American Rescue Plan Act, is earmarked to fortify entrepreneurial support services and resources statewide, particularly targeting historically underserved and economically disadvantaged areas. According to Ozark Radio News.
A New Dawn for Entrepreneurs
At the heart of this initiative is the Missouri Technical Assistance (MOTA) Program, designed to enhance small business support. Administered by Missouri State University’s efactory, in collaboration with codefi, this program is set to deliver a broad array of services including training, consultations, and advisory assistance aimed at strengthening business operations throughout Missouri.
Bridging the Gap
The expansion will cater to entrepreneurs across all regions, focusing on rural and economically marginalized communities. This outreach ensures that small business owners who have been historically left out of such initiatives now have access to valuable resources capable of transforming their business trajectories.
Collaboration for Success
The MOTA Program is an extension of the Southern Missouri Innovation Network’s (Innovate SOMO) ongoing efforts. This network, driven by efactory and codefi, consistently fosters collaboration to amplify business support among entrepreneurs and small business owners. Their commitment to creating a connected ecosystem of training and resources stands as a testament to their mission of regional transformation.
Strengthening Foundations for Growth
The Missouri Technology Corporation (MTC) plays a critical role by facilitating access to capital for early-stage companies and aspiring entrepreneurs. With the support of the SSBCI funding, MTC aims to break down barriers to capital, enabling small businesses throughout Missouri to pursue growth effectively.
Celebrating Commitment to Community
To celebrate this major milestone, stakeholders including DED, Missouri State University, and other partners will gather on April 25 at codefi’s Cape Girardeau location. This event will mark the culmination of Innovate SOMO Week, spotlighting the collective efforts to empower a thriving entrepreneurial landscape that benefits the entire state.
Missouri’s leadership stands committed to championing economic progress and inclusivity, ensuring that opportunities for development reach every corner. This initiative reaffirms their pledge to support and sustain small businesses, which are the backbone of Missouri’s economic dynamism.