Stimulating McPherson Economy- McPherson County Entrepreneurship Loan Program

Stimulating McPherson Economy- McPherson County Entrepreneurship Loan Program

The McPherson Chamber of Commerce administers a loan program called “McPherson County Entrepreneurship Loan”, a program through Network Kansas, a division of the Kansas Small Business Development Center. “Participation in this loan program has made a significant contribution to the support of business startups and entrepreneurship activity in McPherson County,” said Jennifer Burch, McPherson Chamber of Commerce Executive Director. “The E-Community Loan fund pool was generated by the sale of tax credits, allowing individuals to offset their tax liability while creating economic opportunities for the county and is limited to communities of 50,000 population or less.”

The program works like this: Example: Assume an applicant needs a total of $60,000 – project must be located within McPherson County. Also assume the applicant is providing $10,000 of their own capital. Of the remaining $50,000 needed, the E-Community can provide no greater than 60% of the gap (in this case the funds could be no more than $30,000 of the $50,000 needed). The other 40% minimum (in this case $20,000 minimum) must come from a bank, financial institution and/or other public funding sources. “This loan program is not a direct loan from Chamber to business, but a partnership with local/county banks to stimulate entrepreneurship activity and help business expansions and business start ups assuring the continued growth of McPherson county’s economic future”, added Burch.

Since the inception of the McPherson County Entrepreneurship Loan Fund program in 2011, there has been a total of 22 loans (21 in City of McPherson 1 in Lindsborg) totaling over $743,761 towards projects of $3,602,725 million creating 106 jobs. “I believe also a huge impact has been made on the property in which these businesses are located, benefited the overall tax base of the city and county.” added Burch.

For more information contact the McPherson Chamber of Commerce at 306 N. Main, or call 241-3303.