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Two Kansas City, Mo. organizations receive investment from U.S. Department of Commerce

By Madison Parry

Fifty-two organizations across 36 states received millions in investments from the U.S. Department of Commerce including two in Kansas City, Mo. and another in St. Louis. Investments were allocated to support entrepreneurship, acceleration of company growth and increased access to risk capital across regional economies.

An investment of $35 million was made to 52 different organizations, U.S. Secretary of Commerce Wilbur Ross announced in September.

Those selected for grant funding were a mixture of nonprofits, institutions of higher education and entrepreneurship-focused organizations in 36 states.

Three organizations from Missouri received funding, two of which are in Kansas City, Mo., BioNexus KC and Equity2. The third is BioSTL in St. Louis, Mo.

Grants allotted were given to support entrepreneurship, acceleration of company growth and increased access to risk capital across regional economies. Grants are made annually under the Economic Development Administration.

“Grantees were selected from a competitive pool of more than 600 applications and represent exemplary innovation and entrepreneurship from rural and urban areas across America,” Dana Gartzke, assistant secretary of Commerce for Economic Development, said.

“In addition, projects in federally-designated opportunity zones will bring new capital and opportunity to communities that traditionally have been ignored.” Gartzke said.

Below is the total amount of funding given to each Missouri organization selected:

 

2020 Capital Challenge Grant Recipients:

BioNexus KC, Kansas City, Missouri, $300,000

Equity2, Kansas City, Missouri, $289,579

 

2020 Venture Challenge Grant Recipients:

BioSTL, St. Louis, Missouri, $1.5 million