The McPherson County Entrepreneurship Community loan program was created through the Kansas Center for Entrepreneurship Tax Credit Program and applied for by the McPherson Chamber of Commerce with designation being awarded in 2011. The McPherson County Entrepreneurship Community loan program was created through the Kansas Center for Entrepreneurship Tax Credit Program and Network Kansas. The program is administered by the McPherson Chamber of Commerce for any businesses located in McPherson County.
The purpose of the E-Community program is to provide low or zero interest loans to entrepreneurs wishing to start, purchase or expand a business in McPherson County. The loans are to be used in partnership with a financial institution and/or a Network Kansas partner as the “final piece” to complete the puzzle or “fill the gap” of financing a business start-up or expansion.
The program underwent a major revision that allows financial institutions to be the 40% loan partner with the E-Community Loan. The minimum loan amount is $3,000 and the maximum is $75,000.
Capital needed $20,000.00
Bank Loan -40% ($8,000.00) E-Community – 60% $12,000.00
To utilize the maximum 60% available from the E-Community Loan Fund there is a 40% match required from either a bank or a Network Kansas Fund Partner (McPherson Co. Small Business Development, USDA, Main Street, South Central Kansas Economic Development Division (SCKEDD).
Anyone wishing to start, purchase or expand a business in McPherson County
Must be a member of the McPherson Chamber of Commerce and McPherson Main Street
Preference will be given to projects that create quality jobs, increase economic benefits and improve property values and design
Use of Funds:
Purchase of business equipment
Purchase of business inventory
Purchase of real estate
$50.00 non-refundable application fee
7 year maximum term—length will be determined by amount borrowed
No penalty for early repayment
Minimum loan request is $3,000 with a $75,000 maximum amount available per applicant business.
Funding may be zero or low interest– rates are structured to match those of acceptable Network Partners (a list is available on the application)
Complete application & detailed information is available for download here: McPherson County E-Loan Application or by calling the McPherson Chamber of Commerce at 241-3303 or McPherson Main Street at 241-7430 or any McPherson County financial institution.
The Loan Process
A financial Review Board will use a scoring rubric for all applications made for funds through the E-Community Loan Program.
Projected Growth & Economic Impact
Business Development Partnerships
Quality of Life Impact
Owner/3rd Party Funding
McPherson County E-Community Economic Development Vision Goal
Continue to support the collaborative business environment and provide resources to encourage entrepreneurship and expansion of existing businesses.
Loan funds may not be used for:
Paying off or refinancing existing debt
Salary or owner’s draw
Businesses That Do Not Qualify:
Floor planning concerns (i.e. wholesale auto inventory financing