The Southeast Missouri State University Board of Regents today appointed Matt Drake to a second term to the Board of Directors of the Missouri Innovation Corporation (MIC).
Drake, president and chief executive officer of First State Bank & Trust Co. Inc. in Sikeston, Missouri, will serve a three-year term ending October 2023.
Board members are representative of the University’s service region. Directors may serve on the Board until they have completed two consecutive three-year terms.
The MIC was established in 2013 via the re-naming of the Missouri Research Corporation (MRC). Like the MRC, the primary focus of the MIC is to foster economic development through entrepreneurship and innovation. Unlike its predecessor, however, the MIC does so mainly from a financial, rather than programmatic, perspective. The MIC began participating in USDA Intermediary Relending Program loans and USDA Rural Microentrepreneur Assistance Program loans. These programs have since become the MIC’s only remaining activity, and no new loans have been made since 2018.