Gov. Jay Nixon and Missouri Department of Economic Development Director David Kerr will be in Springfield today at 1:45 p.m. to lead a roundtable discussion at the office of home furnishing manufacturer Taylor-Martin Group, 214 W. Phelps St.
Nixon and Kerr will talk about the recently approved State Small Business Credit Initiative, a $26.9 million program designed to aid small businesses throughout the state, according to a news release.
The roundtable is designed to provide entrepreneurs and business owners with information on how funding can be obtained from the initiative.
The application process for the State Small Business Credit Initiative will begin April 8.
The initiative, approved for Missouri on March 22, is a component of the Small Business Jobs Act signed into law by President Obama in September.
Missouri anticipates that its $26.9 million portion - of the $1.5 billion funding the program nationwide - will spur additional lending of more than $269 million statewide, according to a separate news release.
"These critical funds will help Missouri small businesses access the capital they need to expand their operations, create new jobs, and continue supporting our nation's economic recovery," said U.S. Treasury Secretary Tim Geithner said in the release. "Public-private lending partnerships, such as the State Small Business Credit Initiative, have a proven track record of success, and I'm pleased that this funding is on its way to support economic growth in Missouri."
Of the total funding, $16.9 million will be used to establish the Missouri Innovation, Development and Entrepreneurial Advancement Seed and Venture Capital Funds, which would finance eligible businesses through four stages of venture growth:
- pre-seed capital stage financing;
- seed capital stage financing;
- venture capital stage financing; and
- expansion stage debt.
The remaining $10 million will be used for the Grow Missouri Loan Participation Fund, which promotes the formation and growth of small businesses in the industrial, commercial, agricultural and recreational sectors. It provides loans up to $3 million for businesses with fewer than 500 employees to aid expansion, according to the release.[[In-content Ad]]
