Miami County is among more than a dozen Kansas counties eligible for a revolving loan fund to provide capital for new, existing and expanding businesses.
U.S. Sen. Roger Marshall announced Friday, March 5, that $800,000 from the U.S. Economic Development Administration (EDA) will go to the Kansas Center for Entrepreneurship to help address the impacts of the COVID-19 pandemic on small businesses in rural Kansas communities.
The Kansas Center for Entrepreneurship will use this funding to establish the revolving loan fund, according to a press release from the Kansas Republican senator’s office.
“Small businesses are vital to the health and well-being of our rural communities, providing new opportunities for economic growth, development, and job creation,” Marshall said. “Access to capital was a challenge for many small businesses before the pandemic, and I applaud the Kansas Center for Entrepreneurship’s efforts to address this need and help Main Street businesses remain open.”
The CARES Act provided $1.5 billion to the EDA to support economic development assistance to businesses and communities to prevent, prepare for and respond to COVID-19, according to the release.
The counties of Clay, Douglas, Franklin, Jackson, Leavenworth, Lyon, Marshall, Miami, Morris, Nemaha, Osage, Pottawatomie, Shawnee and Wabaunsee will have the ability to establish a revolving loan fund to help address the financial needs of existing and new small businesses, according to the release.
NetWork Kansas will be handling the funds. Based in Wichita, NetWork Kansas is a statewide network of non-profit business-building resources that help entrepreneurs and small business owners start up and grow successful businesses, according to its website.
Janet McRae, the county’s economic development director, said details for how the funds would be distributed have not yet been determined.