Last Friday, the Missouri Department of Economic Development (DED) announced an award of over $2.9 million out of Federal State Small Business Credit Initiative (SSBCI) funds to Codefi and Missouri State University’s efactory. This significant investment will expand the reach of the Southern Missouri Innovation Network (Innovate SOMO), enhancing entrepreneurial support services across the state.
Innovate SOMO, co-led by Codefi and efactory, has been instrumental in fostering entrepreneurship in southern Missouri. The new funding will enable the network to broaden its services, including training programs, virtual and in-person classes, and one-on-one consultations. These resources aim to support entrepreneurs statewide, particularly in rural and underserved areas, by providing legal, accounting, and financial advisory assistance to improve business stability and access to capital.
Rachel Munday, the Executive Director of efactory in Springfield has been quoted as saying "Many entrepreneurs are passionate about growing their businesses while staying rooted in their communities. By expanding resources to all corners of the state, we can provide more assistance and connections that help small businesses thrive no matter their location."
The announcement served as a fitting conclusion to Innovate SOMO Week, highlighting the state's commitment to nurturing innovation and entrepreneurship. Research indicates that most new jobs created are done by companies that are less than five years old. Continued efforts to support and expand the growth of entrepreneurs in our region and through Missouri will pay dividends for years to come.
