State Small Business Credit Initiative

The U.S. Department of the Treasury has approved Missouri’s application for $27 million in funding through the State Small Business Credit Initiative (SSBCI). Missouri’s planned use of the SSBCI funds will help create new jobs and spur more than $269 million in additional small-businesses lending in that state. The SSBCI program, which supports state-level, small-business lending programs, is an important component of the Small Business Jobs Act that President Obama signed into law last September.

Under the Small Business Jobs Act, Missouri will access $26.9 million in SSBCI funds. Missouri expects to generate a minimum “bang for the buck” of at least $10 in new private lending for every $1 in federal funding. As such, this $26.9 million allocation for Missouri is expected to support more than $269 million in new private lending in that state.

Please select the program you are interested in below for application materials.

IDEA Seed and Venture Capital Funds

Missouri’s approved plan dedicates $16.9 million of the state’s SSBCI funding to establish the high-tech Missouri IDEA Seed and Venture Capital Funds (IDEA Funds). IDEA stands for Innovation, Development and Entrepreneurial Advancement. Learn more…
Contact for more information: Bill Anderson (william.anderson@ded.mo.gov, 573-522-2293) or Stacey Hirst (Stacey.hirst@ded.mo.gov, 573-526-1558).

Grow Missouri Loan Participation Fund

Missouri’s approved plan also dedicates $10 million of SSBCI funding to the Grow Missouri Loan Participation Fund. That program supports the formation and growth of for-profit “primary” businesses, which mostly sell/compete outside the local market area. It provides loans of up to $3 million (or limited to 10% of the project funding) to businesses with fewer than 500 employees to help attract new enterprises and expand existing companies. Learn more…
Contact for more information: Brenda Horstman (brenda.horstman@ded.mo.gov, 573-751-3713), or Matt Fischer (matt.fischer@ded.mo.gov, 573-522-2790).

Missouri small businesses can apply for new state loans today, Gov. Nixon announces (4/8/2011)

ST. CHARLES COUNTY, Mo. – Gov. Jay Nixon today hosted a roundtable discussion with local entrepreneurs to provide details about $27 million in innovative loans that will be available to help Missouri small businesses create jobs and grow. Applications for these loans are available today (Friday, April 8 ) at MO.gov.
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Gov. Nixon hosts roundtable discussion in Springfield to detail new loans to help small businesses create jobs (4/7/2011)

SPRINGFIELD, Mo. – Gov. Jay Nixon today hosted a roundtable discussion with local entrepreneurs to provide details about $27 million in innovative loans that will be available to help Missouri small businesses create jobs and grow.
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Gov. Nixon hosts roundtable discussion to detail new loans to help small businesses create jobs (4/7/2011)

JACKSON, Mo. – Gov. Jay Nixon today hosted a roundtable discussion with local entrepreneurs to provide details about $27 million in innovative loans that will be available to help Missouri small businesses create jobs and grow.
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Obama Administration, Gov. Nixon announce approval of funds to spur $269 million in new lending to Missouri small businesses (3/22/2011)

WASHINGTON – Today, the U.S. Department of the Treasury and Missouri Gov. Jay Nixon announced that the approval of Missouri’s State Small Business Credit Initiative (SSBCI) application. Missouri’s planned use of the SSBCI funds will help create new jobs and is expected to spur more than $269 million in additional small business lending in that state.
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Gov. Nixon provides details of $27 million investment in small-business growth, job creation during visit to high-tech incubator in St. Louis (3/22/2011)

ST. LOUIS – During a visit to a high-tech business center in St. Louis today, Gov. Jay Nixon provided details of a $27 million investment in small-business growth and job creation in Missouri.
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Gov. Nixon provides details of $27 million investment in small-business growth, job creation during visit to high-tech firm in downtown Kansas City (3/22/2011)

KANSAS CITY, Mo. – During a visit to a high-tech firm located in downtown Kansas City today, Gov. Jay Nixon provided details of a $27 million investment in small-business growth and job creation in Missouri.
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