MTC Minimizes Funding Impact to Innovation Centers
As we shared with you last month, our state’s leaders are having to make difficult decisions in order to balance the state’s budget and impacts felt by the Coronavirus pandemic. Many have reached out since then for updates, asking about ways to help, and to offer their support. We are so thankful for the many friends and partners we have in our community.
The budget situation is changing quickly. Today we want to share updates received this morning from the Missouri Technology Corporation.
Updates from the Missouri Technology Corporation
The MTC board recently met and approved the FY2020 withhold repayment to the State as well as approved an amended FY2020 budget. MTC is absorbing the loss to the FY2020 budget allocation and trying to limit the financial impact to the State’s entrepreneurs and small businesses. This allows innovation centers to keep funding received from Q1-Q3 of FY2020. As of now our financial impact will be the Q4 FY2020 withhold, approximately $40,000.
In communication to innovation centers, Jack Scatizzi, MTC’s Executive Director said, “MTC recognizes the tremendous value innovation centers bring statewide – and that demand for services often increases in crises like the one our State and country now face.” He went on to say, “We know Missouri entrepreneurs, small businesses, and innovation centers will be key to our state’s economic development strategy to recover from the COVID-19 pandemic. We plan to continue to work alongside MTC and other innovation centers to vigorously pursue efforts to obtain a FY2021 budget allocation to accommodate a steady level of funding.”
We know we aren’t alone in this and fully appreciate the hard decisions everyone is being forced to make during these times. We would like to thank the Missouri Technology Corporation and the Missouri Department of Economic Development for minimizing the financial impact to innovation centers.
Additionally, we would like to thank the Senate Appropriations Committee for recommending $3M for MTC’s FY2021 budget allocation. The Appropriations Committee is chaired by Senator Dan Hegeman, who also serves on the Missouri Technology Corporation’s Board of Directors. The committee’s Vice Chair is Springfield’s own Senator Lincoln Hough. These actions affirm our belief that entrepreneurship, innovation, and small businesses are critical to our state’s economy.
Here for What’s Next
It’s always been our mission to make Springfield, Missouri the best place in the country to start and grow a business. We will continue to be here to serve our region’s dreamers and doers. Innovation and community are who we are. Forward is where we’re going.