Ten grants are up for grabs for new businesses that set up shop in St. Louis. A local non-profit, Arch Grants, says it will award the $50,000 grants this May in an effort to bring innovative businesses to the city.
Arch Grants Co-founder Joe Schlafly said the for-profit start-ups that are selected will be required to stay for at least one year.
“St. Louis is not a dog-meat, down place," Schlafly said. "It is a place where things are happening. We’re open for business. We want to be on the short list, not just [on] no list.”
In addition to grant funding, the winners will receive discounted housing and office space, and free legal and accounting services.
Arch Grants has so far raised enough money to offer the grants annually for at least three years. Schlafly said those that are selected would be expected to begin operations by June.