Nonprofit offers startups $50K to move to St. Louis

Wanting to start your own business? Set up shop under the Gateway to the West and you could score $50,000, free and clear.
 
Arch Grants, a St. Louis-based nonprofit, is offering $50,000 grants to lure businesses to the city. The grants are funded by donations, meaning they don’t have to be paid back, according to a report by Bloomberg Businessweek.
 
This approach, says Arch Grant’s Executive Director Ginger Imster, supports the “best and brightest” instead of “waiting for Fortune 500 companies to move in.” To date, $1.9 million has been awarded; applications for the next round of grants continues through Feb. 1.

Read more from Bloomberg Businessweek.