New loan fund for Kansas M/WBEs
Published on 10/28/2013
For the first time, minority and women-owned business enterprises (M/WBEs) in Kansas have access to a dedicated source of capital for their businesses.
In early October, NetWork Kansas launched the Minority and Women Business (MWB) Multiplier Loan Fund, which matches up to 20% of the private capital invested in a business project. The loans can be used for working capital, start-up costs, equipment loans, expansion, and other purposes.
"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," explained 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."
Firms, however, must meet specific certification requirements to be deemed eligible for the loans. To apply, M/WBEs must be certified as an MBE, WBE, or DBE by the Kansas Department of Commerce Office of Minority and Women Business Development.
The minimum loan amount that a business can apply for is $25,000, and the maximum loan amount is $500,0000. The MWB Multiplier Loan Fund has no collateral requirements and low, fixed interest rates. Funding is not provided by NetWork Kansas, but through the United States Treasury via the State Small Business Credit Initiative.
