SB 994 Summary

• Authorizes $9 million per year for four consecutive fiscal years beginning in fiscal year 2015 to fund up to six Early Stage Business Development Corporations (ESBDCs) designated by the Missouri Technology Corporation.

• Allocates funding as follows: $2 million annually to each of three ESBDCs in Missouri's three largest metropolitan statistical areas; $2 million annually to one ESBDC in a specified mid-sized MSA; and $500,000 annually to each of two ESBDCs in rural areas or other MSAs.

• Requires ESBDCs to be Missouri not-for-profit corporations providing grants (not loans, except for rural designees) up to $200,000 per early-stage company, with primary mission of supporting for-profit businesses without taking equity interests.

• Sets eligibility requirements including prior donations of $2 million for large MSA applicants and $150,000 for rural applicants from non-state sources, with October 15 application deadlines and two-year designation periods.

• Includes Missouri sunset provision requiring reauthorization by the general assembly four years after effective date, with automatic eight-year sunset if reauthorized.