The Missouri Department of Economic Development awarded state tax credits to five small business incubators on Monday. The Life Science Business Incubation Center in Columbia was awarded a $100,000 in tax credits.
The Life Science Business Incubation Center aims to support small businesses in life sciences, such as medicine, animal health, food, agriculture and energy. There are 20-25 small businesses in their building and they coach an additional 20-30 small businesses, helping them with things like securing capital investment and obtaining federal grants.
The incubation center president Jake Halliday says the $100,000 in tax credits gives the center the potential to receive $200,000 from donors to help the small businesses in Mid-missouri.
“We have a list of improvement projects at the incubator. Depending on when the funds are received, and how much is received, we will address that list of priorities and go down the list as far as we can,” Halliday said.
The Small Business Incubator Tax Credits program is designed to encourage private donations to incubators to help small businesses in their start-up period.