Governor Laura Kelly Announces Kansas to Award More Than $69 Million to Women- and Minority-Owned Small Businesses
~~American Rescue Plan Funding will Expand Access to Capital for Kanas Entrepreneurs~~
TOPEKA – Governor Laura Kelly announced today that the State of Kansas has received more than $69 million through the federal American Rescue Plan to expand access to capital for traditionally underserved small businesses. The Kelly Administration applied for the funding last year in order to provide small business owners with the resources they need to grow and thrive. Approximately 40% of the small businesses supported will be women-owned and 20% will be minority-owned.
“This investment will help knock down the barriers that prevent entrepreneurs from taking a good idea and turning it into a successful business,” Governor Laura Kelly said. “My Administration will direct this funding right where it’s needed: to the small businesses – including those in underserved communities – that create jobs and drive our state’s economic growth.”
This funding, provided by the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI), will be used to advance key sectors specified within the Kansas Framework for Growth, including Advanced Manufacturing, Aerospace, Distribution, Logistics and Transportation, Food and Agriculture, and Professional and Technical Services.
“Access to credit is essential for Kansas small businesses and is vital to our state’s economy,” Lt. Governor and Secretary of Commerce David Toland said. “By increasing the available capital through SSBCI, we can provide more opportunities to all Kansans and help small businesses prosper.”
To distribute the SSBCI funding, the Kelly Administration created the Kansas Framework for Growth GROWKS Loan Fund and the GROWKS Equity Programs. Together they represent the most expansive set of small business funding programs ever offered by the State of Kansas.
The GROWKS Loan Fund and Equity Programs will engage Kansas’ extensive network of more than 600 community and business support partners to provide companion financing to bank loans – also described as matching capital. The result will be more than $1 billion in private sector investment over the life of the programs which can be used for common small business expenses such as inventory, equipment, supplies, and working capital.