It’s difficult for certain startups to become profitable. People managing startups often find it difficult to obtain adequate funding. It’s common for many startups to be located in the largest cities around the world. However, one unlikely city in the Midwest is working to become a hub for growing startups. In this post, you will learn about how one city is offering millions to new businesses.
St. Louis is a city in the state of Missouri. Many people know this city for the famous Gateway Arch and St. Louis Cardinals. The St. Louis Regional Chamber of Commerce recently partnered with several local banks and businesses to create a new startup fund for this city. A recent article by Inc reports the fund is officially known as the Spirit of St. Louis Fund 1.
Local officials are still hoping that this new fund will help St. Louis continue to grow as a city. The city of St. Louis certainly isn’t in a time of struggle. However, Missouri isn’t a state that is currently sought out by many tech companies as a prime location. This new fund is notable for featuring a large overall sum created for helping startups.
Startups now have the chance to obtain part of $5 million in seed capital created by this new fund. The end goal of this funding opportunity is to eventually create new jobs in St. Louis. Some are hoping that what is being done in St. Louis continues in other moderately sized cities across the nation. It is being argued that businesses may attain more success with adequate funding through local programs. Time will tell if this newly created fund will bring more startup activity to St. Louis.
In summary, a new fund has been created in St. Louis in hopes of facilitating job growth. Research shows that St. Louis is one of the easiest cities for a business to obtain funding. The creation of the Spirit of St. Louis Fund 1 is to make the process of obtaining funds easier than normal for qualifying startups. It is currently unclear as to the specifics of what a startup needs to do to qualify for this new fund.