Talk to a few entrepreneurs in St. Louis, and you’ll hear plenty of stories about how tough it is to get funding here. Now, a group of St. Louisans is trying to change that, and not through the usual channels of raising an investment fund or seeking a government subsidy.
Instead, they’re setting up a charity for entrepreneurs. It’s called Arch Grants, and the plan is to hold a competition and award up to $50,000 to as many as 30 promising businesses. The grants would be outright gifts, not loans or investments. The group’s website says it has 501(c)3 status with the Internal Revenue Service, which means contributions are eligible for a tax deduction. Read more