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Issue: 1123 Date: 3/1/2012
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Peabody gives $150,000 to Arch Grants
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Peabody Energy donated $150,000 to Arch Grants, officials with the international business plan competition said today.
Arch Grants also named St. Louis native Jim McKelvey, co-founder of mobile payments device company Square, as head of its advisory board. McKelvey will be involved in setting strategy for the business plan competition and selection of grant recipients, as well as providing strategic advising to grant recipients.
Arch Grants was unveiled last month as an initiative to provide $50,000 grants to start and grow businesses in St. Louis, without taking equity in the young firms. The group said it will offer support to the startups by providing access to business networking and mentoring, free legal and accounting services, collaboration with local universities, and discounts on housing and office space.
St. Louis-based Peabody Energy's grant will go toward supporting Arch Grants' efforts to create a more robust startup culture and infrastructure in St. Louis, the group said.
Arch Grants said that with Peabody's donation, it now has raised $2.5 million in funding from a mix of individual and corporate donors, including $200,000 from St. Louis-based Emerson Electric .
"By providing key early-stage funding to startups, Arch Grants will not only help to facilitate the growth of a new business ecosystem in St. Louis, but also establish it as a place that new companies can grow and thrive," McKelvey said.
Jerry Schlichter is Arch Grants co-founder and President, and Joe Schlafly is co-founder and director.
Arch Grants is taking applications from entrepreneurs through March 9 for $50,000 grants to start and grow their businesses in St. Louis. To apply, go http://archgrants.org/competition/apply-now/ |
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