Here’s the kind of initiative we like to see: if the Feds won’t put money directly in the hands of entrepreneurs, then some states say they will. Yesterday Missouri okayed a small business loan program, which has set aside $2 million dollars to get cash to entrepreneurs seeking funding with a business plan. The state will dole out this $2 million as 80 low-interest—or even no-interest—$25,000 loans to local entrepreneurs and small business owners. The Missouri Development Finance Board announced that effective immediately, they’ll begin accepting applications for the loans. Live in Missouri? You can check out all the details, and apply, here. North Carolina’s assembly is currently in the process of considering as similar measure, and it’s likely that other states may follow suit.
Naturally, such programs don’t come free, however. The state is funding the program with a 4% fee that’s currently levied on Missouri Development Finance Board tax credits. Would you support such an initiative in your state?