Politics & Government

Rupp Wants New Markets Development Program Extended

The program has helped bring millions in private investment, new jobs and economic stability.

It is hard to believe that time has gone by so quickly. It seems like just yesterday that I created the New Markets Program in Missouri to help small businesses that could not get bank loans to expand and hire more Missouri workers.

That program has been a huge success, which was highlighted by a recent report that shows more than $900 million of private investment dollars were invested in Missouri small businesses since the creation of the New Markets Program. In addition, more than 4,000 jobs have been created in our state due to this private venture capital equity. One of these investment companies, BizCapital, provided a $3.2 million influx of cash to Thiel Tool & Engineering, a woman­-owned metal stamping manufacturer in St. Louis. That investment allowed them to maintain all 50 employees during a difficult economy, and helped grow the company over the next 12 months.

I have put forth legislation that will allow the New Markets Program to continue to assist in these investments in small businesses across Missouri for at least one more fiscal year, and to have a full-scale review of the program in 2013.

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I firmly believe that we in Jefferson City need to constantly review the successes or failures of initiatives we put forward, so as to be continuously looking for ways to make Missouri a more attractive state for investment and business climate issues. Small businesses make up 80 percent of the jobs in Missouri, and those individuals who take risks, hire workers and expand their business goals are the key to our long­term success as a state and as people of Missouri.

I will continue to look for ways we can eliminate obstacles to businesses so they can continue to provide good jobs for hard­working Missouri families, and assist in attracting private investment into our state so everyone can have the opportunity to earn a good living for their families. Senate Concurrent Resolution 20, which addresses the New Markets Program, was heard in the Senate Rules, Joint Rules, Resolutions and Ethics Committee on Tuesday, Feb. 28.

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If you have any questions regarding this initiative, please don’t hesitate to contact my Capitol office at (573) 751­1282.

New Markets

www.senate.mo.gov/08info/members/newsrel/d02/112408b.pdf

 

Senate Resolution 20

www.senate.mo.gov/12info/pdf-bill/intro/SCR20.pdf


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