How $69M in federal funds is already boosting KS entrepreneurs
Reposted from Startland News
Written by Matthew Gwin
Originally published December 13, 2022
Kansas will use a recent influx of federal funding to strengthen the state’s small business and venture capital ecosystems, according to project leaders of a new high-profile effort focusing on equitable access.
The state was allocated $69 million earlier this year as part of the State Small Business Credit Initiative (SSBCI), a federal program that will provide a total of $10 billion to states, territories, and tribal governments to promote entrepreneurship, especially in traditionally underserved communities, according to the Department of Treasury.
All work through the SSBCI-infused GROWKS Loan Fund and Equity Programs recycle federal funding, with no additional state investment required, said Steve Radley, CEO of Network Kansas, which is administering the programs. The SSBCI dollars can be distributed over a period of nine years, although the funds should regenerate and become “evergreen,” he said.
“These loan programs can go on in perpetuity,” Radley said. “Done right, this program will still be operating well beyond when I am gone from Network Kansas. The whole key to this is sustainability, both on the loan side and the equity side.”