AltCap Expanding into Southern Missouri Through a Partnership with Innovate SOMO
September 2, 2022
AltCap1 recently announced that the Kansas City-based Community Development Financial Institution (CDFI) is expanding into southern Missouri in partnership with Innovate SOMO2 to help provide capital to more small businesses.
Responding to an increased demand for accessible capital by small businesses and communities throughout the region, AltCap has expanded its geographic service area to include southern Missouri. The expanded service area will enable AltCap to finance more small businesses, high-impact investments, and real estate development projects that create stronger, more economically inclusive communities.
Access to capital is a critical factor in small business growth and resiliency and the lack of accessible capital is cited as the number one reason for small business failure. In Missouri, 94% of businesses have less than 50 employees and 81% of those small businesses are located in low-to-moderate-income communities, which creates additional barriers to affordable financing. AltCap is partnering with the Southern Missouri Innovation Network, efactory,3 Codefi, Missouri SBDC at MSU,4 and a network of banking partners to address this gap in southern Missouri and to help restore economic prosperity to the region.
“AltCap’s expansion into southern Missouri is another step forward in filling gaps that prevent workers and entrepreneurs from thriving in today’s economy. Alongside our outstanding regional banking partners, AltCap fills a critical gap with innovative financing products and business support services that promote economic growth and empowerment to southern Missouri as a resource partner of Innovate SOMO,” said Dr. James Stapleton, co-founder of Codefi. “This partnership helps close more opportunity gaps for entrepreneurs in our region.”
AltCap has 15 years of experience creating high-performing tax credit investment and loan portfolios, deploying nearly $250 million in New Markets Tax Credits and over $30 million in small business financing that supports job-creating small business investments and community-focused real estate development projects. Entrepreneurs and community-focused development projects throughout the State of Missouri will now have access to AltCap's range of innovative financing products and business support services that promote economic growth and empowerment.
As an ally to underestimated entrepreneurs, AltCap helps ignite the potential that traditional lenders may overlook, to empower entrepreneurs throughout our communities and build a more inclusive, vibrant local economy.