February 2, 2021
Missouri Agriculture & Small Businesses Receive More Than $625,000 in Value-Added Grants
A total of 10 small businesses to benefit from sale of tax credits
JEFFERSON CITY, Mo. – Today, the Missouri Agricultural and Small Business Development Authority (MASBDA) announced 10 businesses have been awarded value-added grants totaling $626,771.
For more than two decades, MASBDA, which is housed at the Missouri Department of Agriculture, has awarded value-added grants to foster new enterprises that will aid rural economic development. The grants are funded from the sale of the Agricultural Product Utilization Contributor Tax Credit.
“MASBDA is a silent partner to many small business projects across the state” said Jill Wood, executive director of MASBDA. “The demand for these funds has been impressive in the last three years. Our board of directors and team are thrilled to see these small businesses receive the support they need to advance agriculture in their communities.”
This funding can be used for business planning purposes such as feasibility studies, marketing plans, business plans and legal assistance, but cannot be used for capital expenditures, salaries, or operating funds.
The maximum individual grant is $200,000, with the applicant required to provide a 10 percent cash match toward the eligible expenses. The grants were awarded to:
All grants were awarded on a competitive basis. Applications were scored based on their economic development potential for the agriculture industry, credibility and merit, probability of near-term commercialization and practical application of project results, source and level of matching funds and the likelihood of a project’s success.
For more information on the Missouri Agricultural and Small Business Development Authority, please visit MASBDA.com.
Note: Contact information for each grant recipient may be available upon request.
Sami Jo Freeman, email@example.com