Greater St. Louis, Inc. and the Small Business Empowerment Center are strengthening their partnership to help small businesses secure financing, expand their operations and compete for contracts with larger companies.
The organizations announced Thursday, Nov. 5, that they have signed a memorandum of understanding to coordinate their work in business development, marketing and public relations. The agreement brings together Greater St. Louis, Inc.’s regional business connections and the Small Business Empowerment Center’s experience working directly with entrepreneurs.
The two organizations already have been working together. In February, they announced a partnership to help small businesses obtain financing and prepare to compete for corporate contracts. The latest agreement formalizes their relationship, although neither organization announced additional funding or specific goals for expanding services.
“Small businesses are the backbone of our regional economy, and they deserve an ecosystem that matches their ambition,” said Ron Kitchens, managing partner of Greater St. Louis, Inc.
“By combining Greater St. Louis, Inc.’s regional reach with the Small Business Empowerment Center’s hands-on support for entrepreneurs, we’re making sure small businesses across the region have the resources they need to open, grow, and scale — creating more and better jobs and a stronger St. Louis economy.”
For many entrepreneurs, particularly Black business owners, access to financing remains a major obstacle to expansion.
Missouri had approximately 43,700 Black-owned businesses, but only about 4,200 employed workers, according to the U.S. Small Business Administration’s 2023 Missouri Small Business Profile. The figures, based on 2019 Census data, show that more than 90% of Black-owned businesses in the state operated without paid employees.
The Small Business Empowerment Center, established in 2010, reports that it has helped launch more than 1,000 businesses in the St. Louis region. Its services include business counseling, assistance with loan applications and connections to financial institutions.
The center helps entrepreneurs assess their financing needs, prepare business plans and financial statements, and apply for loans through Small Business Administration programs. Its materials report that clients have obtained more than $24 million through several SBA lending programs.
“Through this partnership, we have provided many small businesses with access to capital, removed red tape, fostered entrepreneurial growth, and connected growing ventures with opportunities,” said Kevin Wilson, the center’s executive director.
The agreement follows years of public, private and philanthropic investment in St. Louis entrepreneurship.
The St. Louis Development Corporation opened the Northside Economic Empowerment Center in 2023 to provide business assistance and improve access to financing in North St. Louis. The center served more than 1,100 businesses in its first year, according to the development corporation. A separate city grant program directed $14 million to 228 small businesses and nonprofits.
Greater St. Louis, Inc. has operated accelerator programs to help smaller companies expand and qualify for corporate contracts. The organization reports that its Diverse Business Accelerator has assisted more than 55 business owners and that participating businesses created more than 120 jobs over five years.
Other efforts include WEPOWER’s accelerator for Black and Latino entrepreneurs and Arch Grants, which provides equity-free funding to startups. Arch Grants reports that companies it has supported since 2012 have created more than 4,300 jobs in Missouri.
The programs serve different businesses, from neighborhood retailers and contractors to technology startups seeking rapid growth. For Greater St. Louis, Inc. and the Small Business Empowerment Center, much of the emphasis is on helping smaller companies obtain the financing and business connections needed to expand.
The new agreement also calls for cooperation in connecting businesses with regional supply chains, potentially opening doors to larger customers and contracts.
Greater St. Louis, Inc. has signed similar agreements with GeoSTL, which supports the geospatial industry, and 39 North, an agricultural technology innovation district.
The organizations have not announced a timetable for additional services under the agreement or how they will measure its results.