A new, community-backed $5 million small business relief loan fund will provide immediate help to local businesses in need during the COVID-19 pandemic.
The KC COVID-19 Small Business Relief Loan Fund offers loans up to $100,000 to local businesses with fewer than 20 full-time equivalent employees and less than $2.5 million in revenue. It gives priority to businesses in retail, food service, arts and entertainment, hospitality, fitness, personal service, transportation, and healthcare not directly involved in the COVID-19 response.
The relief loan fund is supported by the Greater Kansas City Chamber of Commerce, the Kansas City Area Development Council, the Civic Council of Greater Kansas City, and the Ewing Marion Kauffman Foundation and is administered by AltCap.
This fund is specifically designed to support small businesses that might not qualify for Small Business Administration Disaster Loans or other similar sources of funding. It’s for small businesses located in Johnson, Wyandotte, and Leavenworth counties in Kansas and Jackson, Clay, Platte, and Cass counties in Missouri.
Small businesses can apply for the loan fund at alt-cap.org/covid-relief-fund or contact AltCap at 816-216-1851 or firstname.lastname@example.org. Applications are available for three-year, short-term loans up to $100,000 with no interest and deferred payments for the first 6-12 months.
Additional resources for small business owners: