Local business owners can now apply for up to $350,000 in loans from two new programs — the Elevate Micro-Loan Program and the NetWork Kansas Empower Fund.
A group of partners, including the Manhattan Area Chamber of Commerce, Spark, Black Entrepreneurs of the Flint Hills, K-State Innovation Partners, the Greater Manhattan Community Foundation, and NetWork Kansas, have joined together to create this business loan program.
The Manhattan region can continue to use the existing NetWork Kansas E-Community and GrowKS loan programs, giving resources for local businesses.
Interested entrepreneurs can find information and check their eligibility on the Spark website at funding.sparkmhk.com, where an online Inquiry Form is available to start the process.
“Small businesses and entrepreneurs are vital to the local economy and make Manhattan an attractive place to visit and live,” Manhattan Area Chamber of Commerce executive vice president Daryn Soldan said in a written statement.
Entrepreneurs will now be able to apply for Elevate Micro-Loans of up to $15,000. Terms of the loans include 4% interest and 36-month repayment to qualifying businesses in the city limits of Manhattan. To support equitable access to resources, 20% of the Elevate Micro-Loan is for economically disadvantaged businesses.
“89% of small business owners say access to capital is their primary barrier to growth,” Spark executive director Sarah Siders said in a written statement. “Spark is committed to developing programs that provide capital at critical business launch and growth stages.”
The Elevate Micro-Loan Program has been generously capitalized by the City of Manhattan, with the City Commission approving $250,000 to support small business funding in May 2023. The Greater Manhattan Community Foundation is also a key supporter, contributing resources for loan administration. Administration of the new program will occur locally, and a local review board will be responsible for lending decisions.
“Ensuring access to capital is a central focus of our community work. We are honored to play a role in advocating for this initial funding opportunity for small businesses,” Black Entrepreneurs of the Flint Hill executive director Sheila Ellis-Glasper said in a written statement. “Our commitment remains unwavering in dismantling barriers for underrepresented and underestimated entrepreneurs and fostering a business environment that truly prioritizes equity for everyone.”
The Empower Fund, a NetWork Kansas pilot program, is designed to provide access to financial resources for minority business owners facing barriers to traditional financing.
The program offers loans up to $15,000, the Empower Fund features a 4% interest rate and a 48-month repayment period to qualifying businesses located in Riley, Pottawatomie, or Geary Counties. Lending decisions will be made at the local level by a review board.
“It is an incredible honor and a privilege to work alongside our partners in Riley, Geary, and Pottawatomie Counties to further the mission of increasing access to funding among socially-disadvantaged populations while ensuring the support, technical assistance, mentoring, and guidance of our program partners enables long-term sustainable success and future growth within the minority entrepreneurial ecosystem,” NetWork Kansas urban engagement manger Jenn Laird said in a written statement.
Applicants for the Elevate and Empower programs will be required to work with the Small Business Development Center for technical assistance. The center provides one-on-one, confidential, no-cost consulting services to entrepreneurs and business owners.
“We are excited to support these great small business financing programs with valuable technical assistance,” Small Business Development Center business advisor James Monson said in a written statement.
For additional information, please visit funding.sparkmhk.com.
