LSEDC Instrumental to Acceleration’s Selection to Missouri Quality Jobs Program
LEE’S SUMMIT, MO (April 2, 2008) — Acceleration, a leading pharmaceutical research and drug testing lab headquartered in Lee’s Summit, recently qualified for the Missouri Department of Economic Development’s Quality Jobs Program. The Lee’s Summit Economic Development Council (LSEDC) played a key role in helping Acceleration to achieve this milestone by uncovering the opportunity and facilitating the application process.
The Missouri Quality Jobs initiative is an incentive for companies to expand within. To qualify for the program, Acceleration had to hire 10 new employees within two years of applying. The program also requires that Acceleration pay its associates more than the average salary of $42,769 and provide health insurance, paying at least 50% of the premium for all full-time employees in Missouri. By qualifying for the program, Acceleration will receive a tax credit on the 10 new employees hired under the program for the next five years. The tax savings will directly impact the profitability of Acceleration, assisting the company with its aggressive growth strategy.
The Missouri Quality Jobs program is great for small technology businesses like Acceleration, and we’re grateful for the assistance we received from the LSEDC throughout the process,” says Keith Koehler, CEO of Acceleration. “Rewarding us for being good corporate citizens and offering our associates outstanding benefits will help us continue to grow. Based on the salaries of the new hires under the program, we can potentially save $200,000 to $300,000 over the next five years.”
Because Acceleration is asset heavy and owns very expensive instruments, its owners invest 100% of the profits back into the growth of the company. “The tax savings will allow us to continue to hire more people and purchase more equipment — ultimately impacting our bottom line,” Koehler adds.
The new hires bring Acceleration’s total number of associates to 19. The new associates are skilled professionals and degreed scientists with technical backgrounds. As a direct result of qualifying for the program, the company plans to hire two to three more associates in the coming months. Acceleration hopes to qualify for the program again by hiring an additional 10 associates in the next two years. “We’re glad we were able to assist Acceleration with acceptance into this program,” says Jim Devine, president and CEO of the Lee’s Summit Economic Development Council. “This is a great example of the LSEDC working with an emerging local company to help them grow and expand — stimulating the economy in our area. We hope to continue to see the positive effect of this program for Acceleration and other companies in Lee’s Summit.
In addition to qualifying for the Missouri Quality Jobs program, Acceleration was also recently named as a top 25 Under 25 employer by the Kansas City Small Business Monthly. Acceleration has also been honored with a nomination for the 2008 Small Business of the Year Award which will be presented by Governor Matt Blunt in September. For more information visit www.accelerationkc.com
The Lee's Summit Economic Development Council (LSEDC), a public-private sector partnership, is the city's designated marketing and product development arm to retain and attract business. LSEDC is devoted to improving the economic well-being of residents and businesses in Lee's Summit. For more information visit www.leessummit.org