The McPherson Chamber of Commerce Executive Director Jennifer Burch is pleased to report an update on the McPherson County Entrepreneurship Loan Fund. “Since becoming a partner with Network Kansas and administer of the loan program, the McPherson Chamber of Commerce has made a significant contribution to the support of business startups and entrepreneurship activity in McPherson County,” said Burch. “The E-Community Loan fund pool was generated by the sale of tax credits, allowing individuals to offset their tax liability while creating economic opportunities for the county and is limited to communities of 50,000 population or less.”
The program works like this: Example: Assume an applicant needs a total of $60,000 – project must be located within McPherson County. Also assume the applicant is providing $10,000 of their own capital. Of the remaining $50,000 needed, the E-Community can provide no greater than 60% of the gap (in this case the funds could be no more than $30,000 of the $50,000 needed). The other 40% minimum (in this case $20,000 minimum) must come from a bank, financial institution and/or other public funding sources. “This is not a direct loan fund, the Chamber is a partner in the investment of entrepreneurship and in our county’s economic future,” added Burch.
Since the inception of the McPherson County Entrepreneurship Loan Fund program in 2011, there has been a total of 16 loans (15 in City of McPherson 1 in Lindsborg) totaling over $573,763, towards projects of $2.1 million creating 95 jobs.
For more information contact the McPherson Chamber of Commerce at 306 N. Main, call 241-3303.