Gov. Mike Parson has announced a new coworking and incubator grant that will provide $1 million for eligible Missouri-based, nonprofit corporation- and university-sponsored coworking and incubator facilities, according to the state Department of Economic Development.
“Supporting Missouri’s entrepreneurs and startup companies is key to our economy,” Parson said in a statement. “These individuals are not only developing innovative products but also businesses that will create new jobs and opportunities for the people of our state.”
The Missouri Technology Corporation will administer the grant. It will use CARES Act funding to assist coworking and incubator facilities as they, in turn, support economic recovery during the COVID-19 pandemic.
“Missouri’s entrepreneurs play a critical role in the state’s economy,” Department of Economic Development Director Rob Dixon said. “By supporting these coworking facilities, we are connecting entrepreneurs with resources that will help their companies and products to be successful.”
Due to COVID-19 related closures, many of the state’s nonprofit corporation- or university-sponsored coworking and incubator facilities lack access to capital they need to update their physical spaces in order to comply with current public health guidelines.
These organizations will be reimbursed with grant funds for expenses they incur while updating their facilities to encourage social distancing, adopting enhanced sanitation protocols or acquiring personal protective equipment to comply with public health guidelines. Additional consideration will be given to applicants that engage Missouri-based vendors.
All applications will be reviewed at the same time. The state tentatively plans to announce the awards between Sept. 21 and Oct. 2.
For more information about this program, visit missouritechnology.com/cares-act-funding.