The McPherson County Entrepreneurship Community loan program was created through the Kansas Center for Entrepreneurship Tax Credit Program and Network Kansas. The program is administered by the McPherson Chamber of Commerce to encourage entrepreneurial activity in the communities of McPherson County.
Qualifying entrepreneurial projects may include startup businesses, as well as existing business purchases and/or expansions. Funding is provided at 3% for 1–5-year loans, and 4% for loan terms of 6-10 years. The minimum loan request is $5,000 and maximum is $45,000. E-Community funding is “gap financing” and cannot exceed 40% of the total funding package. To utilize the maximum 40% available from the E-Community Loan Fund there is a 60% match required from either a bank, or a Network Kansas Fund Partner (McPherson Co. Small Business Development, USDA, Main Street, South Central Kansas Economic Development Division (SCKEDD). Loan funds are limited and are reserved for projects that demonstrate a high likelihood of success.
Capital needed $100,000
Bank Loan (60%) $60,000 E-Community Loan (40%) $40,000
Anyone wishing to start, purchase or expand a business in McPherson County
Must be a member of the McPherson Chamber of Commerce
Preference will be given to projects that create quality jobs, increase economic benefits and improve property values and design
Use of Funds
Purchase of business equipment
Purchase of business inventory
Purchase of real estate
$50.00 non-refundable application fee
12 month – 120 month term. Length will be determined by amount borrowed
No penalty for early repayment
Minimum loan request is $5,000 with a $45,000 maximum amount available per applicant business.
Funding is subject to interest. As of July 2021, interest rates are structured as 3% if the loan is 5 years or less, and 4% for loans of 6-10 years. Complete application & detailed information is available for download here: 2021 E-Community Loan Application or by calling the McPherson Chamber of Commerce at 241-3303 or any McPherson County financial institution.
The Loan Process
The E-Community Financial Review Board will use a scoring rubric for all applications made for funds through the E-Community Loan Program.
Projected Growth & Economic Impact
Business Development Partnerships
Quality of Life Impact
Owner/3rd Party Funding
McPherson County E-Community Economic Development Vision Goal
Continue to support the collaborative business environment and provide resources to encourage entrepreneurship and expansion of existing businesses.
Loan funds may not be used for:
Paying off or refinancing existing debt
Salary or owner’s draw
Businesses That Do Not Qualify:
Floor planning concerns (i.e. wholesale auto inventory financing)