KC Reporter

Kansas City's Small Business (SMB) Capital Program, a joint effort by the KC BizCare Office, the Ewing Marion Kauffman Foundation, and the Economic Development Corporation of Kansas City (EDCKC), has been introduced to provide crucial starting capital for small businesses in the area. The program aims to support entrepreneurship, innovation, and economic growth within the local community.

City Manager Brian Platt emphasized the importance of supporting small businesses, stating, "Small businesses are the backbone of our local economy, but also are what make Kansas City so special and unique. Our savings match and loan application program is just one way our BizCare team aims to provide financial support and resources to help small businesses thrive and grow in our community."

2nd District Councilmember Wes Rogers highlighted the significance of providing access to capital for small businesses, stating, "Providing access to capital is essential for small businesses as it enables them to create good jobs, to invest in growth opportunities, and to expand their operations."

The Small Business Capital Program offers various initiatives to assist small businesses, including Kiva Kansas City, Micro-Business Grants, Loan Application Preparation, Small Business Development Accounts (IDAs), and Resources Referrals. These programs provide financial assistance, training, and technical support to help entrepreneurs succeed in the competitive business landscape.

Mayor Quinton Lucas and Mayor Pro Tem Ryana Parks-Shaw sponsored Ordinance No. 221031, authorizing a $500,000 contract with the Kansas City EDC Loan Corporation to support small business grants. The breakdown of funds per program includes allocations for Micro-Business Grants, Kiva Crowdfunded Microloan Program, Savings Match Program, Loan Preparation Program, and Financial Technical Assistance.

Additional funding from sources like the Ewing Kauffman Foundation, the National League of Cities, and the US Conference of Mayors has further enhanced the program's impact, demonstrating a shared commitment to advancing entrepreneurship and expanding access to financial resources.

In collaboration with the EDCKC, the Small Business Capital Program has introduced new additions to support the growth and inclusivity of small businesses, including the appointment of a Capital Access Manager and the establishment of a Capital Advisory Committee.

Those interested in learning more about the KC Small Business Capital Programs can visit bizcare.kcmo.gov/capital or email smbcapital@edckc.com. The initiative aims to empower entrepreneurs, foster economic prosperity, and contribute to the overall vitality of Kansas City's economy.