From the Missouri Department of Economic Development:
| April 18, 2025
Jefferson City, Mo. — The Department of Economic Development (DED) announced today that it has been awarded more than $2.9 million in State Small Business Credit Initiative (SSBCI) funds for a statewide expansion of entrepreneurial support services. The funding, provided through the U.S. Department of the Treasury as part of the American Rescue Plan Act, will be used to create the Missouri Technical Assistance (MOTA) Program. DED selected Missouri State University to administer the program on its behalf following a competitive grant application process. “This funding is an exciting opportunity to further support entrepreneurship in every region of our state, including rural areas,” said Michelle Hataway, Director of the Department of Economic Development. “We look forward to our partners using these funds to help Missourians prosper by expanding valuable services for small businesses.” Missouri State University’s efactory will partner with codefi and others to use the SSBCI funding to expand existing services such as training programs, in-person and virtual classes, one-on-one consultations, and more. As a result, support will be provided for entrepreneurs across the state and in rural areas outside of the southern counties currently served by efactory and codefi. Expanded services will benefit economically disadvantaged and very small businesses in historically underserved areas. Services will include legal, accounting, and financial advisory assistance that improves businesses’ credit profiles, operational stability, and access to capital. “Many entrepreneurs are passionate about growing their businesses while staying rooted in their communities,” said Rachel Munday, Executive Director of efactory. “By expanding resources to all corners of the state, we can provide more assistance and connections that help small businesses thrive no matter their location. This grant will enable us to open doors to new opportunities for many entrepreneurs and small business owners who are eager to grow and make an impact.” The MOTA Program will build upon the success of the Southern Missouri Innovation Network (Innovate SOMO), led by efactory and codefi, who work together to expand business support programs, entrepreneurial services, and network of partners. The program will also support the existing SSBCI Capital program by better preparing small businesses to apply for IDEA Funds, administered by the Missouri Technology Corporation (MTC), and IgniteMO, administered by Justine Petersen. “MTC recognizes the challenges associated with early-stage companies and aspiring entrepreneurs in accessing the capital required to launch and grow their businesses,” said Jack Scatizzi, Executive Director of MTC. “MTC is excited to see the programs and services that Innovate SOMO can launch or expand with the federal SSBCI program funding to ensure all of the state’s entrepreneurs have access to the training and resources to access the capital they require.” To culminate Innovate SOMO Week, DED will join Missouri State University, efactory, codefi, and other partners on April 25 for an event celebrating their expanded support for small businesses. The event will be held at codefi’s Cape Girardeau location. About the Missouri Department of Economic Development The Missouri Department of Economic Development (DED) works to create an environment that encourages economic growth by supporting Missouri’s businesses and diverse industries, strengthening our communities, developing a talented and skilled workforce, and maintaining a high quality of life. As one team built around the customer and driven by data, DED aspires to be the best economic development department in the Midwest. Through its various initiatives, DED is helping create opportunities for Missourians to prosper. For the latest updates on DED’s current or future programs and initiatives, visit DED’s website. About efactory Missouri State University’s efactory is the front door to the university for businesses and employers. As a business and economic development hub, efactory offers a network of programs designed to support both large and small businesses throughout southern Missouri as they start, scale and succeed. In addition, we proudly partner with employers throughout the region to offer talent development and training to boost skills and job opportunities for Missourians. About Missouri State University Missouri State University is a public, comprehensive university system with a mission in public affairs. Our purpose is to develop fully educated persons with a focus on ethical leadership, cultural competence and community engagement. About Innovate SOMO The Southern Missouri Innovation Network (or Innovate SOMO), developed by codefi and efactory, is a collaborative network of businesses and organizations who work together for greater impact. We connect workers to training, entrepreneurs to resources, and employers to talent — all to drive regional growth and prosperity. The network transforms communities in the southernmost 47 counties in Missouri by unlocking the full potential of entrepreneurship and innovation. About codefi Codefi is a nationally recognized tech-based development non-profit organization that specializes in deploying an innovation ecosystem in rural and smaller metro regions. The integrated system of programs and tech services produces high-quality jobs by building and attracting software-focused companies, educating and training tech and founder talent, and providing access to pre-seed capital that expands the tech economy and improves the quality of lives, companies, and communities. About Missouri Technology Corporation The Missouri Technology Corporation (MTC) is a public-private partnership created to foster innovation and entrepreneurship within the state of Missouri. By providing strategic investments and support to Missouri-based high-tech companies, MTC aims to drive economic growth and create a thriving ecosystem for technology-based businesses. |
