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Thursday, June 20, 2013

St. Louis Plans to Step Up Its Support for Local Small Business

The city of St. Louis, Missouri recently announced its plan to introduce a local program that will give small business what it needs--money. Although the details have yet to be revealed, the new program intends to raise $100 million over the next five years to help local entrepreneurs.

The idea was the result of consulting with local businesses to see how they could help, and the resounding response came down to capital needed to either start or grow their business. The city is very much interested in having more small businesses bring more jobs to the area, and they want to be recognized as a city where entrepreneurs can come and find the support they need.

The new program will provide funding through small business grants as well as loans. The program will be based on venture funding by local investors who are interested in supporting businesses or projects during the early stages for a return on their investment. The city believes St. Louis is a prime location for this type of program because of its cost-of-living affordability.

The city will announce more details as plans continue to develop. The city's goal is to help local small business succeed and grow, attract entrepreneurs from other cities, and increase the city's reputation as a good place for new businesses to locate.
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