MO HB813

State shall pay $8 million per year for four consecutive fiscal years (beginning fiscal year 2014) to Missouri Department of Economic Development for distribution to no more than five Early Stage Business Development Corporations (ESBDCs)

Distribution amounts: $2 million annually to one ESBDC in each of the three largest metropolitan statistical areas (MSAs); $1 million annually to each of two ESBDCs operating in rural areas or smaller MSAs

ESBDCs must be Missouri not-for-profit corporations that provide grants (not loans, except in rural areas) to early stage for-profit companies without taking equity interests; grants capped at $200,000 per company

Eligibility requirements: corporations in largest MSAs must raise $2 million from non-state sources; corporations in rural/smaller MSAs must raise $150,000 from non-state sources before applying for designation

Funding automatically ends after $32 million total has been distributed unless renewed; corporations may apply for an additional two-year funding period following the initial two-year designation period