E-Loan Fund is Driver in Start-Ups & Expansions

E-Loan Fund is Driver in Start-Ups & Expansions

The McPherson Chamber of Commerce Entrepreneurship Loan Fund started in 2011. Through a long application process to Network Kansas, McPherson County was awarded the “Entrepreneur Community” designation. With the E-Community designation, it allowed the Chamber to sale tax credits allowing individuals to offset their tax liability while creating economic opportunities for the county. The tax credits then provided a loan pool to aid in assisting funding business startups, expansions, working capital, inventory, etc in McPherson County
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 is not a direct loan fund, the Chamber is a partner in the investment of entrepreneurship therefore a financial institution must be involved in the funding process.

Since the inception of the McPherson County Entrepreneurship Loan Fund program in 2011, there has been a total of 33 loans (32 in City of McPherson & 1 in Lindsborg) totaling $1,065,471 towards projects of $6,401,725 million creating 144 jobs.

The Chamber is proud to have partnered with First Bank Kansas, Home State Bank, Peoples Bank & Trust, Farmers State Bank, Emprise Bank, Sunflower Bank, South Central Kansas Economic Development Division, McPherson County Small Business Development and McPherson Main Street to support entrepreneurship growth in McPherson County.

Projects funded are: Brooklyn & Co., Mattress Haven, Knackstedts Meats & Sweets, Mower Medic, Stupka Chiropractic & Wellness Center, Artistic Hair & Nail Salon (Lindsborg), Little Caesars, McPherson Quality Air, The Village Geek, JD’s Kwik Burger, Cornerstone Premier Real Estate, Brooklyn & Co. Bridal, Kansas Certified Testing Center, The Well, Treasure Chest Gun Shop & Indoor Range, Marigolds Market & Bar, Overhead Door, BuySupps, Lock & Load, Two Tigers & A Truck, Skynet Unmanned Aerial Vehicle (now Saxon Remote Systems), Great Plains Family Medicine, Twice Told Tales, Fox & Ash Barber Shop, Power House Weight Room, Three Ring Brewery, In a Rush Shuttle Service, Clean Freaks, Anderson-Crain Investment Group, Appliance Depot, All in One Safety and Anchor In.

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