Additional Missouri Small Business Financial Resources
There are various government-backed loans and other financing options available for businesses wishing to start or expand in Missouri. Many businesses start their search for funding by applying for a grant. To qualify for a state grant, an applicant must either be disadvantaged, have a great business idea, be from a minority group, or have a business that would significantly impact the state of Missouri.
Talk with your local economic development agency/local government to learn about this loan program. This loan can help finance new machinery, operating equipment, or building space. It can also provide your business with working capital if your startup has exhausted all other funding options.
24/7 Missouri is a valuable resource providing important information for starting, growing, and managing your business. Should you require any business or professional assistance, 24/7 Missouri has got you covered.
The website contains links to all the organizations and information you might benefit from, including Missouri Economic Research and Information Center, Business Tax Regulation, Missouri Online Business Filing, Office of Veterans Business Development, and much more.
Small companies may use these low-interest direct loans to grow and hire more people.
The eligibility requirements are as follows:
- You must have less than 15 employees, including the owner
- Your business must be entirely owned and operated in Missouri
- You must be in good faith with the Secretary of State
- The Department of Revenue must grant tax clearance to your company
Furthermore, certain business sectors are not eligible for this loan type. Check to see that your business qualifies for this program.
Other Resources for Missouri Small Businesses
There are also several non-financial resources and providers you can use to help you succeed with your new or existing business venture in Missouri.
MOSourceLink's goal is to help Missouri-based entrepreneurs and small businesses develop and thrive. They offer free and simple access to the resources designed for small businesses, including a free Personal Action Plan to move your business forward, a map of Missouri small business resources, and a report about Missouri’s capital landscape.
This comprehensive 52 page PDF guide will provide you with everything you need to know to get your small businesses up and running. It is compiled by the United States Small Business Association and covers topics such as how to start a business, how to grow your brand, how to write a business plan, and much more.
The Bottom Line
Finding the financing to cover the initial startup costs of your business is often the most challenging part of the small business process. However, if you want your company to take off, it’s imperative that you explore all possible financing opportunities.
Missouri residents can apply for SBA-approved, term, and express loans. They can also find financing for equipment, working capital, and real estate, along with credit lines and business credit cards. All in all, it is important to do your research to find the right solution for your small business in Missouri.