Missouri has a fantastically low tax rate making it an appealing state to start a business. If you’re considering launching your new venture in Missouri—or you already own a Missouri-based biz—take a peek through the list below. These business grants and loans are only available to businesses that operate in Missouri. Get started!
Department or Agency: Missouri Department of Economic Development
Loan or Grant title: Business Use Incentives for Large-Scale Development (BUILD)
This government initiative provides low-interest loans to businesses by issuing tax-exempt revenue bonds. Funds can be used to buy, build, and equip new facilities. Here are the basic eligibility requirements:
- Businesses in the manufacturing, processing, assembly, research and development, agricultural processing, or interstate-commerce industries will need to invest at least $10 million into the project. The business will also need to create at least 100 new jobs at the project facility within three years.
- Businesses in the office industry will need to invest at least $15 million and create at least 500 jobs. If the project is in an office industry located within a distressed community, the business will need to create at least 200 new jobs.
Department or Agency: Missouri Department of Economic Development
Loan or Grant title: Small Business Loan Program
This government initiative provides low-interest loans to small businesses. The funds can be used for expansion projects and to create jobs. To qualify, the business must:
- Have up to 15 employees, including the owner
- Be 100% owned and located in Missouri
- Be in good standing with the Secretary of State
- Get tax clearance from the Department of Revenue
Businesses in the following industries won’t qualify: retail, gambling, check-cashing, pawnbroker, secondhand goods, day labor, alcohol and tobacco, media, speculative real estate, and job training.
Department or Agency: Economic Development Corp. of Kansas City Loan Corporation (EDCLC)
Loan or Grant title: Microloan Program
The EDCLC provides loans of $3,000 to $15,000 for private, for-profit businesses. To qualify, the business must be at least one year old; based in Kansas City, Missouri; employ 10 or fewer workers; and meet other criteria. Funds can be used for a variety of business purposes, such as working capital, purchasing inventory and supplies, covering payroll, training employees, and covering seasonal expenses.
Department or Agency: City of Springfield Economic Vitality
Loan or Grant title: Business Development Loan Program
This program provides loans to small businesses, nonprofit organizations, and real estate developers to create employment opportunities and improve select areas of Springfield. The loan funds can be used for property and building acquisition, historic preservation, new construction, rehabilitation, and more. Projects must:
- Benefit low- and moderate-income households
- Create new jobs for people who were low to moderate income at the time of hiring
- Create at least one full-time equivalent job for each $35,000 borrowed
- Improve or eliminate slums or blighted conditions within the target area
Department or Agency: Missouri Technology Corporation (MTC)
Loan or Grant title: TechLaunch Program
This program provides up to $100,000 for companies that have raised less than $250,000 to develop technologies and create jobs. Missouri-based companies may qualify if they’re in the pre-seed financing stage, have a lender willing to match funds, and have proprietary or protectable intellectual property. The company will also need to fit into one of MTC’s five focus areas.
Department or Agency: Missouri Technology Corporation (MTC)
Loan or Grant title: Seed Capital Program
This program provides up to $500,000 of seed funding to companies that have already raised between $500,000 and $2 million. Companies should be in the research and development stage or identifying early “adopter customers.” Funds can be used to develop the company and product, ideally to attract investments from venture capital groups. Missouri-based companies may qualify if they’re in the seed-financing stage, have a lender willing to match funds, and have proprietary or protectable intellectual property. The company will also need to fit into one of MTC’s five focus areas.
Department or Agency: Missouri Technology Corp.
Loan or Grant title: Venture Capital Program
This program provides up to $2 million of growth funding to companies that have already raised between $5 million and $20 million. Funds should be used to attract additional venture capital funds and accelerate the company’s growth. Missouri-based companies may qualify if they have a lender willing to match funds, have a proprietary or protectable intellectual property, and fit into one of MTC’s five focus areas.
