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Sunday, May 11, 2014

Missouri House Bill Would Fund Grants for Early Stage Businesses

Missouri state lawmakers are considering a bill called House Bill 1495 that would ultimately result in awarding non-equity grants to early stage businesses. If passed, the bill will budget $9 million a year to be spent over the next four years in business grants.

About House Bill 1495

The idea generated from lawmakers in Jefferson City, Missouri. They were impressed with how successful St. Louis has been with their Arch Grant program, they wanted to do something similar. The bill proposes funding for up to six early stage business development corporations (ESBDC), including Arch Grants. The corporations, in turn, would issue grants to early stage businesses.

Benefits from House Bill 1495

The state funding of matching capital to early stage business development corporations would result in more grants for startup businesses. Arch grants have brought increased employment, capital and jobs to the state. In fact, the 35 companies who have received Arch grants have created 142 jobs. Adding state funding would bring even more benefits across the entire state.

Arch Grants President Jerry Schlichter said state funding could be a very important step in helping make Missouri a place for rising entrepreneurs.
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