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The Efactory may use proceeds from state tax credits for nonoperating expenses.
SBJ file photo
The Efactory may use proceeds from state tax credits for nonoperating expenses.

State awards $100K in tax credits to Efactory

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Missouri State University’s downtown business incubator received $100,000 in state tax credits.

The Missouri Department of Economic Development announced in a news release it awarded credits to the Efactory and six other business incubators across the state.

“Building a strong network for startups and small businesses is essential to economic development,” DED Director Rob Dixon said in the release. “We’re proud to support so many incubators through this program and appreciate all the work they do to drive entrepreneurship in Missouri.”

Through the state’s Small Business Incubator program, organizations may use the proceeds for working capital and other nonoperating capital supporting the creation of businesses.

The other incubators approved for credits are:
• Center for Emerging Technologies (St. Louis) $95,000;
• MU Life Science Business Incubator (Columbia) $85,162;
• Joseph Newman Business and Technology Innovation Center (Joplin) $65,074;
• Ozarks Small Business Incubator (West Plains) $55,264;
• St. Louis Fashion Fund (St. Louis) $50,000; and
• IT Entrepreneur Network (St. Louis) $49,500.

Through the Small Business Incubator program, private donors contribute to organizations in exchange for tax benefits, according to DED.Mo.gov.

Earlier this year, the Efactory received a $350,000 Missouri Building Entrepreneurial Capacity grant through the Missouri Technology Corp. Officials expect the MTC funding to result in $40 million in new local research and capital investment funding, 900 new jobs and 100 new investment-grade startups, according to past Springfield Business Journal reporting.

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