By: The Pottawatomie County Economic Development Corporation (PCEDC) | 5.15.24
A recent roundtable luncheon hosted by the Manhattan Chamber of Commerce, Spark, and SBDC shared new loan programs available for small businesses in the region.
Read the pdf overview of these funding programs.
Business Funding Available
E-Community Loans
The Pottawatomie County E-Community program has been created through the Kansas Center for Entrepreneurship (doing business as Network Kansas) tax credit program in a cooperative effort with the Pottawatomie County Economic Development Corporation. The purpose of the program is to encourage entrepreneurial activity in Pottawatomie County. Funds may be used to purchase an existing business, purchase equipment, inventory, or real estate, to provide working capital or cover existing inventory. Loan terms include a $5,000 minimum and $50,000 maximum at an interest rate of 4% for 1-5 years and 6% for 6-10 years.
Connect with Jessica at PCEDC to learn more and apply.
GROWKS Loan Fund program
This program offers matching loans of $100,000+ to cover typical business expenses and serves a variety of populations including women, minorities, economically disadvantaged, and rural and urban distressed populations. Funds can be used for startup costs, working capital, franchise fees, acquisition of equipment, inventory, services used in the production, manufacturing, or delivery of a business’ goods or services. GROWKS Programs are funded by the U.S. Department of the Treasury’s Small Business Credit Initiative. The programs are overseen by the Kansas Department of Commerce and NetWork Kansas. Eligibility criteria applies.
Connect with Jessica at PCEDC to learn more and apply.
Elevate Community Micro-Loan Fund
This program supports Manhattan entrepreneur and small business capital needs. The low-interest loans can be used to fund growth and expansion projects that will drive economic activity in the community.
Up to $15,000 at 4% interest with repayment periods up to 36 months (3 years). No penalties for early pay-off and the 50% borrower matching requirement may come from existing and planned business investment. Loans may be used for equipment, inventory, marketing and promotions, building purchase or lease, remodeling, repairs, and leasehold improvements, or working capital. Eligible businesses must be for-profit entities located within the city limits of Manhattan, KS and in good standing with the Kansas Secretary of State. This program is made possible by funding from the city of Manhattan.
Contact Spark MHK to learn more and apply.
Empower Fund
This program was created to further the mission of increasing access to funding in socially-disadvantaged population. For the purposes of this program, “minority-owned” is defined as any organization that is at least 51% owned by a non-white person, including Black, Indigenous, Hispanic/ Latino, and People of Color.
Up to $15,000 for 48 months at 4% interest. Loan funds may be used for equipment, inventory, repairs, building purchase, infrastructure, refinancing existing business debt, or working capital. No early pay-off penalties and no matching funds required.
Contact Spark MHK to learn more and apply.
Are there additional resources to add to this list? Contact us and let us know so we can get the word out.