Hello, MBA readers,
With new confirmed cases of COVID-19 still on the rise across the state and the country, Gov. Mike Parson has extended the state of emergency in Missouri through March. The move gives the state increased latitude to respond as the pandemic demands, Parson’s office said. Meanwhile, with Thanksgiving right around the corner, the governor implored Missourians to limit the size of their holiday gatherings, in an effort to curb the spread of the coronavirus. “It’s up to me and you to change the way we do Thanksgivings,” Parson said. Still, he has not imposed any statewide mandates to enforce these recommendations. In St. Louis County, where County Executive Sam Page ordered new restrictions to combat the virus — and drew blowback from local businesses — the county has introduced a new grant program to help alleviate some of the financial struggles experienced by these businesses.
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St. Louis County to offer $5,000 grants for small businesses
Restaurants and businesses with 25 or fewer full-time employees can apply for the grants, which are using CARES Act funding and will total more than $3 million. (St. Louis Business Journal)
UM System curators approve hospital plan, select new executives
The University of Missouri System Board of Curators on Thursday approved a new $232 million facility for Women’s and Children’s Hospital. The board also elected Darryl Chatman, an executive with the United Soybean Board, as its new chair. Greg Hoberock, founder of HTH companies, will be vice chair. (Columbia Missourian)
UMKC settles lawsuit over demolished student housing
The university settled with six defendants, including JE Dunn Construction, in a case alleging reckless design and construction of the Oak Place Apartments. (KCUR)
O’Fallon Park slated for $81 million revitalization plan
The 10-block development could bring renovated retail spaces, homes and community green space by 2025. (St. Louis Business Journal)
Sporting Kansas City plans new soccer development
The Major League Soccer franchise is backing the development of eight to 10 new fields at the Northland Sports Complex as part of an effort to bring more soccer tournaments to the area. (Kansas City Business Journal)
Israeli digital health firm to expand in St. Louis
The company, called Odoro, made a deal for its technology to be used by the SLUCare Physicians Group, and one of its co-founders said she hopes to add staff in the region. (St. Louis Business Journal)
Missouri job centers now require appointments, masks
At least through the end of the year, in-person services for displaced workers will require appointments. (Columbia Missourian)
Lewis & Clark AgriFood makes $7.7 million investment in agtech firm
The St. Louis-based investment firm is backing Hortau, a California-based company that makes an irrigation management system. (St. Louis Business Journal)
Old World Spices and Seasonings founder sells stake in company
Chicago-based private equity firm Shore Capital Partners is now the majority owner of the Kansas City-area business, founded by John Jungk in 1988. (Kansas City Business Journal)
Say that again
“It’s up to me and you to change the way we do Thanksgivings, if you so choose to do that.”
That’s Gov. Mike Parson, recommending Thursday that Missourians limit the size of their Thanksgiving gatherings to prevent the spread of the coronavirus, the St. Louis Post-Dispatch reports. Parson said that his own family will be following these guidelines, but he issued no rules to enforce them, holding firm to his approach of letting local governments enact their own restrictions in response to the virus. Parson also extended his declaration of a state of emergency in Missouri through March 31. The declaration will allow for the state to more easily maneuver and respond to pandemic issues as they arise, the governor’s office said.
That’s how much St. Louis banks profited during the first three quarters of 2020, the St. Louis Business Journal reports, citing data from the Federal Reserve Bank of St. Louis. Those earnings were up about 5% over profits from the same period in 2019, when banks reported total earnings of $544 million, so banks in the area have been more profitable this year despite the pandemic. In fact, the banks overcame the expiration of the Paycheck Protection Program lending to finish with more assets and loans on their books, in addition to those higher profits.
Hello my name is
This Springfield-based plumbing products maker won this year’s efactory Pitch Contest, claiming the $10,000 grand prize. Doug Harris and his son, Logan Harris, have developed 3D-printed parts designed to simplify the installation of tubing for use in bathrooms, sinks and water fountains. Their first product, known as the Frog, is patented and sells on the company’s website for about $4. Doug Harris said the recent boom in home sales and increase in home improvement projects presents an opportunity for sales of his products to flourish.
It’s been a pleasure doing business with you this morning.