The Missouri Department of Economic Development (DED) announced Monday that it will award four small business incubators a total of $344,015 in contribution tax credits through the Small Business Incubator Tax Credit program. The contribution credits will help recipient incubators leverage $688,030 for capital and other non-operating expenditures to support business creation statewide.
"We're proud to support organizations that foster growth of new businesses through the Small Business Incubator Tax Credit Program," said Maggie Kost, Acting Director of the Department of Economic Development. "Entrepreneurship is vital to our economy, and Missouri's incubator programs are encouraging the continued development of innovative companies. Contribution credits provided through this program help ensure that businesses start strong, grow, and create opportunities for Missourians in the future."
Incubators must receive all contributions by December 31, 2022, to qualify for the contribution credits. Applications have been approved from the following small business incubators:
- Black Economic Union of Greater KC in Kansas City, approved for $85,000.
- Life Sciences Business Incubation Center in Columbia, approved for $100,000.
- Ozarks Small Business Incubator in West Plains, approved for $76,326.
- The eFactory in Springfield, approved for $82,689.
Categories: Missouri, Business