SEMO receives awards to help with economic development

Southeast Missouri State University received two federal awards focused on continued entrepreneurial development, according to a news release from the university.

One award was a $1 million loan through the Missouri Research Corp. to establish a "revolving, low-interest fund for new and emerging businesses in Southeast Missouri," the release said. It also said the fund will be directed toward "gap financing," or providing funds to a business for immediate payment obligations, in collaboration with a primary lender throughout Southeast Missouri.

"These awards provide quality resources to continue our entrepreneurial mission at Southeast Missouri State University and enhance entrepreneurship research, planning and implementation strategies for the Missouri economy," Dr. James Stapleton, assistant to the president for Strategic and Entrepreneurial Initiatives and executive director of the university's Center for Innovation and Entrepreneurship, said in the news release.

Southeast will receive the loan and grant assistance to create jobs and boost economic development in rural areas. According to the news release, the awards involve funding provided through three U.S. Department of Agriculture economic development programs: the Intermediary Relending Program, the Rural Economic Development Loan and Grant Program, and the Rural Business Opportunity Grant Program.

"This award from USDA provides another tool to advance the regional entrepreneurship ecosystem and policy framework developed at Southeast and complements the training and education programs of the Center for Innovation and Entrepreneurship," Stapleton said in the release.

U.S. Secretary of Commerce Penny Pritzker previously announced that Southeast also is among the winners of the U.S. Economic Development Administration's 2013 University Center Economic Development Program Competition. Southeast already has received $198,987 and is projected to receive a total of $994,935 throughout the five-year award.

The news release said Southeast plans to use these awards to develop "a pipeline of entrepreneurs by improving access to capital, creating an exchange of ideas and innovation and promoting opportunities within the region and in Missouri."

Pertinent address:

Southeast Missouri State University, Cape Girardeau, Mo.