WASHINGTON, DC — The U.S. Treasury Department announced Tuesday afternoon that 11 states, including Missouri, will receive funding to help finance small businesses.
A total of $1 billion has been distributed to the 11 states, made possible by President Joe Biden’s US bailout.
Missouri will receive $94.8 million from the Treasury Department. The money will be placed in the IDEA fund, a venture capital program managed by the Missouri Technology Corporation.
The program provides equity or equity-like co-investments (convertible bonds) alongside primarily angel investors or venture capital funds.
The IDEA Fund targets companies based on their stage of development: pre-seed companies, early-stage companies, and venture-stage companies with an established private venture capital fund identified as lead investor.
Other states receiving funds alongside Missouri include Alaska, Idaho, Iowa, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Ohio, and Utah . Ohio will receive the largest share of the money, with just over $182 million.
After this round of funding, 31 states have now been approved to receive Small Business Credit Initiative spending. In total, nearly $5 billion has been provided so far.