A Need to Toot Our Own Horn!

A Need to Toot Our Own Horn!

In 2004 NetWork Kansas was created due to the Economic Growth Act. Each year NetWork Kansas raises capital through an entrepreneurship tax credit up to $2 million per year to support “entrepreneurship communities” with a pool of loan funds. The McPherson Chamber of Commerce applied for the designation and was awarded in 2010 on behalf of McPherson County, meaning any business is eligible if located in McPherson County. NetWork Kansas started with six “entrepreneurship communities” and is now up to 55. “NetWork Kansas and the local banks have proven to be a valuable partner in many of McPherson’s storefronts,” states Jennifer Burch, Executive Director of the McPherson Chamber of Commerce. “We have funded 29 business start-up/expansions amounting to $930,463 with a project total of $4,674,725 creating 132 jobs”added Burch.

A great example of economic development is the $4.6 million which represents the initial project total, but does not take in account the increase in value that has been added due to renovations that have taken place on many of the buildings the businesses are located. When you factor in the increased value of the building and the tax revenue that these businesses are producing, that in itself is an asset. While these businesses generate tax revenue with their sales, they are also creating business for others with the needs of services such as; electricity, gas, internet, cable, phone, insurance, accounting, banking, etc. There is a domino effect that takes place when a business opens their doors. The E-Loan program is a prized example of economic development at work.