Geary County E-Community Loan Application
The Geary County E-Community program was created through the Kansas Center for Entrepreneurship Tax Credit Program. It is a project to encourage entrepreneurial activity in the communities of Geary County. Qualifying entrepreneurial projects may include startup businesses, as well as existing business purchases and/or expansions. The E-Community loan requires at least 40 percent of the amount being financed to be provided by a bank or similar source. This loan program capped its involvement at a 60 percent investment. The minimum loan request is $5,000 with a $50,000 maximum amount available per applicant business.
Funding Example: Assume the applicant needs a total of $60,000. 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 that gap (in this case, the
E-Community funds could be no more than $30,000 of the $50,000 needed). The other 40% minimum (in this case, $20,000 of the $50,000 needed) must come from a financial institution (defined as a bank or credit union) and/or a local/regional public source of capital (defined as city/county revolving loan fund, microloan, Certified Development Company funds, USDA, IWW Main Street, Community Foundation). In this way, the E-Community funds “match” other loans. Note: A line of credit at a bank can count as the match, however, the only amount that can qualify as the match is the amount that is drawn down at the time of the E-Community loan application. (This tends to cause confusion so please ask for further explanation).
