Small Businesses in Missouri

The Minority Business Enterprise (MBE) Grant program, administered by Regional Economic Development Inc (REDI) and funded by the City of Columbia, is designed to promote inclusivity and elevate underrepresented businesses. This initiative aligns with a broader mission to foster economic development and equitable opportunities within the community. The program aims to address disparities by providing crucial financial support to minority-owned enterprises, thereby strengthening the local economy and promoting diversity in business ownership. The primary target beneficiaries of this grant program are small, for-profit businesses located within Columbia city limits that are at least 51% owned by individuals self-identifying as African, African American, Asian-Pacific, Black, Hispanic, Latinx, Native American (including Native Alaskan or Hawaiian), or Subcontinent Asian. The program specifically seeks to impact businesses with 10 or fewer employees (or full-time equivalents). The goal is to empower these businesses, facilitating their growth, stability, and overall contribution to the economic landscape of Columbia. The program prioritizes businesses that are legally registered with the State of Missouri, possess a Federal Tax ID (EIN), and hold a Columbia business license. A key focus is on businesses actively working with a business coach, either through REDI or another organization, emphasizing mentorship and strategic development. This commitment to guided growth underscores the program's dedication to not just providing capital, but also fostering long-term success and sustainability for its grantees. Expected outcomes and measurable results include the distribution of a total of $50,000 annually, awarded as ten $5,000 grants to deserving minority-owned businesses. This direct financial injection is anticipated to support business operations, expansion, and job creation within the targeted demographic. The program's strategic priority is to create a more inclusive and equitable business environment, with a theory of change that posits that direct investment and strategic support for minority-owned businesses will lead to increased economic vitality and reduced systemic barriers for underrepresented entrepreneurs in Columbia.