For three consecutive years, the organization has been able to fund grants through corporate donations and grants from state and local economic development agencies. In 2013, the organization raised about $3 million to fund its $50,000 grants to entrepreneurs, and they are hoping in 2014 to benefit from even more funding through a bill being reviewed in the Missouri House that could bring the organization some additional and more permanent funding.
Eligible companies must be for-profit and can be from any industry. The grant competition consists of entering an application in which business owners describe their business and its potential for success. Winners at this level are then invited to the second round of competition. From this round, 50-60 companies are invited to make their company presentations in front of a panel of judges.
Up to 20 companies will each receive grants of $50,000, plus mentoring from top business owners, free professional services and access to other sources of funding. The purpose of the grants is to encourage more high-potential businesses to bring their companies to St. Louis.
For more information, visit www.archgrants.org
