DED picks MSU to administer $3M in entrepreneurial support funding

The Missouri Department of Economic Development has chosen Missouri State University to administer nearly $3 million in entrepreneurial support funding from the federal government.

The Efactory, MSU's downtown Springfield business incubator, will partner with Cape Girardeau-based technology incubator Codefi LLC and others to utilize the funding, which calls for the creation of the Missouri Technical Assistance Program, according to a news release. The over $2.9 million in funding comes from the U.S. Department of the Treasury's State Small Business Credit Initiative, with financial backing from the American Rescue Plan Act.

MOTA calls on training programs, in-person and virtual classes, and one-on-one consultations for entrepreneurs statewide, including in rural areas.

“Many entrepreneurs are passionate about growing their businesses while staying rooted in their communities,” said Rachel Munday, executive director of the Efactory, in the release. “By expanding resources to all corners of the state, we can provide more assistance and connections that help small businesses thrive no matter their location. This grant will enable us to open doors to new opportunities for many entrepreneurs and small-business owners who are eager to grow and make an impact.”

MOTA is intended to build upon Innovate SOMO, through which the Efactory and Codefi provides entrepreneurial support in southern Missouri.

The Innovate SOMO organizers are hosting a week of programming and announcements April 21-25. A "big special announcement" is planned April 25 at Codefi’s headquarters in Cape Girardeau, according to a separate news release.