Tax credits awarded to The eFactory
The Missouri Department of Economic Development (DED) recently announced that The eFactory in Missouri State University’s Robert W. Plaster Center for Free Enterprise and Business Development received $95,110 in tax credits under the Small Business Incubator Tax Credit program.
“The awarded tax credits allow us to pursue initiatives and capital projects that will bolster our ability to serve entrepreneurs in our region while catalyzing an increasingly vibrant entrepreneurial culture in southwest Missouri,” said Allen Kunkel, associate vice president for economic development.
The funds leveraged by these credits must be used for capital and other non-operating expenditures. All contributions must be received by the incubator between Jan. 1 and Dec. 31, 2014, in order to qualify for the 2014 tax credits.
The eFactory, which opened in spring 2013, is the home to incubator space and business support services to assist entrepreneurs in any stage of the business planning process and throughout the startup phase.
The small business incubator tax credit program helps certified business incubators generate private donations, establishing a collaborative business environment where small businesses can operate during the startup period.
The eFactory features 20,000 square feet of leasable space, including 150 square foot offices, 550 square foot office suites and 800-2,500 square foot labs and manufacturing space.
For more information, contact Kunkel at (417) 836-3020.
About the Robert W. Plaster Center for Free Enterprise and Business Development
This center is the foundation of the entrepreneurship element in IDEA Commons, acting as a one-stop shop for new small businesses, providing resources, giving guidance and assisting with start-up activities. Inside, you’ll find The eFactory (managed by Springfield Innovation, Inc.), the University’s cooperative engineering program with Missouri University of Science and Technology, the Small Business and Technology Development Center, the Management Development Institute, Springfield Angel Network, Procurement Technical Assistance Center, Missouri Enterprise, SCORE and other community and university resources.
About the Small Business Incubator Tax Credit program
The Small Business Incubator Tax Credit program is designed to generate private funds to be used to establish a “protective business environment” (incubator) in which a number of small businesses can collectively operate, fostering growth and development during a business’ start-up period. Business incubators must apply to the Department of Economic Development for designation as an approved incubator. Once certified by DED, incubator programs may be eligible to apply for incentive packages if the program meets strict criteria.
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