E-Community Program Crosses The $1,000,000 Mark
In just over three years of operation the Atchison E-Community Program has now processed 22 loans totaling just over $1,000,000 for local small businesses.
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, coffee shops, contractors and mechanics can use this locally controlled, revolving loan fund as gap financing to make their small business dreams come true.
According to Justin Pregont, Assistant City Manager, this program has been successful for three reasons. “First, this community has a willing group of small business owners and entrepreneurs who are out here taking risks in providing services and goods to the Atchison market and beyond. Second, we have community minded banks that have willingly invested their resources into establishing, maintaining, and marketing this program. Third, NetWork Kansas understands boots-on-the-ground, rural community development efforts better than any other organization I’ve worked with. Their commitment to fostering a culture of entrepreneurship with their partner communities is unparalleled.”
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 first half of FY 2020 has seen $145,000 in loans thus far.
The funding for the E-Community Program is created through the annual sale of entrepreneurship tax credits, which are allocated to NetWork Kansas by the Kansas State Legislature.
To learn more about the E-Community Program, contact Justin Pregont with the City of Atchison at email@example.com or 913-367-5506.