Missouri receives $95 million through State Small Business Credit Initiative
JEFFERSON CITY, Mo. (KMIZ)
The U.S. Department of the Treasury announced the approval of 11 additional state plans for up to $1 billion in funding under the State Small Business Credit Initiative. The treasury has now announced the approval of 31 state plans for approximately $4.8 billion in SSBCI funding.
The 11 states include Missouri, Alaska, Idaho, Iowa, Massachusetts, Minnesota, Nebraska, Nevada, New Mexico, Ohio and Utah, according to a press release.
Missouri is approved for up to $94.8 million, will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. The program provides equity or equity-like co-investment (convertible notes) alongside primarily angel investors or venture capital funds.
Roughly $27 million will go to support small businesses, startups and entrepreneurs, according to a press release.
Nearly $40 million is required to support socially and economically disadvantaged businesses. In partnership with the Department of Economic Development, MTC has published three requests for proposals to identify partners to launch SSBCI-funded programs supporting SEDI businesses.
Pending federal approval, MTC anticipates the new programs will be operational in early 2023.
