"Access to credit is essential for Kansas small businesses and is vital to our state’s economy. By increasing the available capital through SSBCI, we can provide more opportunities to all Kansans and help small businesses prosper.”

 

Lt. Governor and Secretary of Commerce David Toland

Business meeting

Kansas has received

$69 million+ to support small business funding

Strengthening the economic landscape for Kansas entrepreneurs gained significant momentum following the U.S. Department of the Treasury’s announcement of $69 million being awarded to the Sunflower State.

Kansas was among the first five states to receive funding.

The allocation more than quadrupled the amount of funding Kansas received during State Small Business Credit Initiative (SSBCI) 1.0.

 

THE PATH TO LAUNCH

THE GROWKS LOAN AND EQUITY PROGRAMS

GROWKS HIGHLIGHTS

  • Program launch is expected in August/September.

  • Kansas was allocated about $69M in State Small Business Credit Initiative (SSBCI) dollars.

  • The programs created as a result of the allocation are called the GROWKS Loan Fund and GROWKS Equity Programs.

  • GROWKS Loan Fund and GROWKS Equity programs will provide loans and equity investments that match private capital investment.

  • The programs are designed to focus on underserved geographies (rural/urban-distressed/statewide), underserved populations (minority/women/economically disadvantaged) and business types (target sector).

  • All entrepreneurs/small businesses interested in applying will need to be connected with a NetWork Kansas-approved partner.

  • NetWork Kansas is preparing to train GROWKS partners starting in June.

DETAILED BACKGROUND

Strengthening the economic landscape for Kansas entrepreneurs gained significant momentum following the U.S. Department of the Treasury’s announcement of $69 million awarded to the Sunflower State. Kansas was among the first five states to receive funding. The allocation more than quadrupled the amount of funding Kansas received during State Small Business Credit Initiative (SSBCI) 1.0.

Details of the GROWKS Loan and Equity Programs created as a result of the allocation will be released following the execution of an agreement between Kansas and the U.S. Department of the Treasury. The programs will  engage Kansas’ extensive network of more than 600 community and business support partners. 

 

Program administrators anticipate building upon the state’s success experienced during the previous funding round. During SSBCI 1.0, Kansas was allocated $13.8 million for programs, which allowed Kansas to create an $8.9 million loan program and a $3.9 million equity fund. Results, as of April 30, 2022, include:

  • Loans to 114 businesses of more than $15.6 million

  • Equity investments to 44 businesses of more than $5.3 million

  • Private capital leverage of more than $341.3 million, exceeding SSBCI requirements

 

The programs are designed to focus on the participation of entrepreneurs based on geography (rural/urban-distressed/statewide), underserved populations (minority/women/economically disadvantaged) and business types (target sector) as the state looks at intentional inclusive funding approaches.

Business Team

FOR MORE INFORMATION

Call (877) 521-8600

or Email info@networkkansas.com

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GROWKS is authorized under the American Rescue Plan by the U.S. Department of the Treasury State Small Business Credit Initiative

Please continue to check this page for

program details and launch dates.

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