HB 1457 -- Small Business Incubators Act

Sponsor:  Fallert

This bill re-establishes the Small Business Incubators Act which
consists of a loan, loan guarantee, and grant program for the
establishment, operation, and administration of small business
incubators.  A local sponsor may submit an application to the
Department of Economic Development to obtain a loan, loan
guarantee, or grant.  The bill specifies the requirements of the
application, the criteria which must be met in order to review
and accept an application, the purposes for which a loan or grant
can be used, and the responsibilities of the local sponsor.

The Missouri Small Business Incubators Fund is created consisting
of appropriations, gifts, and other contributions.  At least 30%
of the money in the fund must be reserved for a local sponsor to
establish, operate, or administer a small business incubator
program or to provide funding to an organization which operates a
program in a rural community.  Taxpayers who make a contribution
to the fund or to an approved local sponsor will be entitled to a
tax credit for 50% of the donation.

The department must ensure that local sponsors receiving
financial awards meet the conditions of the program and may
convert loans to grants if deemed appropriate.  The department is
required to submit an annual report by January 1 to the Governor,
the Chief Clerk of the House of Representatives, and the
Secretary of the Senate.  The bill specifies the annual report's
requirements.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:10 pm