E-Community Program Delivers 11 Loans, Nearly $500k in FY 2019
Since January of 2017, the Atchison E-Community Program has been offering gap financing loans for small business startups, expansions, and acquisitions. Everyday businesses like laundromats, clothing stores, contractors and mechanics can use this locally controlled, revolving loan fund as gap financing to make their small business dreams come true.
Eleven loans totaling just short of $500,000 were distributed to local small businesses in the recently closed fiscal year. Eight of those eleven loans included the acquisition of real estate and/or remodeling expenses for building improvements. Eight of those eleven loans were for businesses located in or relocating to downtown Atchison. Four of the those eleven loans were for startup businesses while the remainder were for business re-locations, expansions, and acquisitions. Loan recipients included five retail businesses, four service businesses, and two contractors.
The E-Community Program in Atchison began during fiscal year 2017, which saw a total of $98,000 loaned out through the program. That number jumped to $343,000 in FY 2018 and then to $474,042 in FY 2019.
The funding for the E-Community Program is created through the sale of entrepreneurship tax credits, which are allocated to NetWork Kansas by the Kansas State Legislature.
The E-Community Program has now executed twenty loans providing over $900,000 in gap financing to support small business development in the Atchison community.
To learn more about the E-Community Program, contact Justin Pregont with the City of Atchison at firstname.lastname@example.org or 913-367-5506.
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