The Kansas Department of Commerce and NetWork Kansas announced today the launch of the Minority and Women Business (MWB) Multiplier Loan Fund. The program will provide a source of gap financing to help for-profit, Kansas minority and women-owned businesses and other disadvantaged businesses enterprises.
Entrepreneurs will work with a NetWork Kansas resource partner to apply for funds, which can match up to 20 percent of the private capital invested in a business project. The loan funds can be used for a variety of purposes, including working capital, start-up costs, franchise financing, equipment loans, and expansion.
“Minority and women-owned businesses are essential components of the Kansas economy,” Kansas Commerce Secretary Pat George said. “This new loan will provide those businesses with access to more capital, supporting their hard work and helping them to grow and create new jobs.”
Businesses must have obtained a designation as a Minority Business Enterprise , Women Business Enterprise or Disadvantaged Business Enterprise from the Kansas Department of Commerce Office of Minority and Women Business Development to qualify for funding. Additional eligibility requirements apply.
Businesses can apply for a minimum loan amount of $25,000 and a maximum loan amount of $500,000. The MWB Multiplier Loan Fund has no collateral requirements and low, fixed interest rates.
“NetWork Kansas has awarded a quarter of its loans to female-owned businesses. Until now we haven’t had programs specifically catering to this demographic,” said NetWork Kansas Senior Product Manager, Jamie Hofling, “It is evident that in the past few decades women-owned and minority-owned businesses are on the rise and it’s great to be in the position to offer a program that supports this continued growth. We hope this program will be a source not only of capital, but of confidence.”
The MWB Multiplier Loan Fund is the first loan program from NetWork Kansas specifically designed to encourage entrepreneurial growth in these demographic sectors. Most of NetWork Kansas’ other loan programs are geographically targeted, and provide matching capital to businesses in rural or distressed communities.
Since 2007, NetWork Kansas has loaned or granted almost $13 million dollars to 377 Kansas businesses through the StartUp Kansas, Entrepreneurship Community Partnership and Kansas Capital Multiplier Loan Programs, and leveraged an additional $127 million dollars, for a total investment of $150 million dollars in Kansas businesses.
To learn more about The MWB Multiplier Loan Fund, please contact Jamie Hofling at (785) 296-0383, or firstname.lastname@example.org.
About NetWork Kansas:NetWork Kansas was established as a component of the Kansas Economic Growth Act of 2004 to further entrepreneurship and small business growth as a priority for economic and community development in the State of Kansas. Backed by more than 500 resource partners statewide, NetWork Kansas promotes an entrepreneurial environment by connecting entrepreneurs and small business owners with the expertise, education, and economic resources they need in order to succeed. For more information about NetWork Kansas, visit www.networkkansas.com, or call (877) 521-8600.