Missouri governor uses CARES funds to support incubator facilities

Missouri Gov. Mike Parson last week announced that $1 million of the state’s CARES Act funding will be used to create a grant for nonprofit and university-based coworker and incubator facilities. The grant will be administered by the Missouri Technology Corporation (MTC). Organizations will be reimbursed with grant funds for expenses related to updating the facilities to encourage social distancing, adopting enhanced sanitation protocols or acquiring PPE to comply with the guidelines of the public health emergency. More information about the program can be found here.

Unfortunately, these new funds represent replacement, rather than additive, funding for MTC. Prior to this program, Parson announced he would be withholding MTC’s entire $1 million 2021 budget as part of cutbacks to state spending due to the COVID-19 public health emergency. The state organization supports startups through direct co-investments, matching grant programs, provides funding to nine innovation centers and entrepreneurial support programs. The CARES funding will support some of these initiatives but others will be funded through other federal resources or else lapse for the current year.