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Empowering Entrepreneurs: KC BizCare Offers Small Business Capital Program

In partnership with EDCKC, the program offers access to starting capital, resources

The KC BizCare Office, in collaboration with the Ewing Marion Kauffman Foundation and the Economic Development Corporation of Kansas City (EDCKC), unveiled an innovative initiative to provide essential starting capital for small businesses. The Kansas City Small Business (SMB) Capital Program represents a significant stride toward fostering innovation, entrepreneurship, and economic prosperity within the local community.

Through this initiative, small businesses in Kansas City can access low-interest loans, grants, and other forms of financial assistance to help them grow and expand. The program also provides training and technical assistance to help entrepreneurs develop the skills and knowledge they need to succeed in today’s competitive business environment.

“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,” said City Manager Brian Platt.

“Small business is the lifeblood of our economy, and as a small business owner myself, I understand the importance of supporting our community. That’s why I proudly sponsored this ordinance to empower and uplift small businesses,” said Mayor Pro Tem Ryana Parks-Shaw.

“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. By facilitating access to funding, we can empower small business owners to realize their vision, drive economic prosperity, and contribute to the overall vitality of our economy,” said 2nd District Councilmember Wes Rogers.

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The Small Business Capital Programs include:

• Kiva Kansas City: Offers crowdfunded microloans with 0% interest, providing small businesses access to up to $15,000 in capital.
  
  – Applications now open
• Micro-Business Grants: Providing grants ranging from $10,000 to $25,000 to support small businesses needing expansion or poised for growth.
  
  – Round 2 Application Opens: May 13, 2024; Closes June 14, 2024
• Loan Application Preparation: A dedicated technical assistance program to guide small businesses through the intricacies of bank loan applications.
  o Applications are accepted on a rolling basis until slots are filled.
• Small Business Development Accounts (IDAs): Small businesses in the tourism industry are invited to apply to this savings match program! The program will match select businesses that save $2,500 over four months. Eligible businesses can secure up to $10,000 in funding.
  o Sign up now! The program closes on April 30th
• Resources Referrals: Facilitating connections with local and national ecosystem partners, providing invaluable resources for back-office support, technical assistance, and digital equity for local entrepreneurs.

Ordinance No. 221031, sponsored by Mayor Quinton Lucas and Mayor Pro Tem Ryana Parks-Shaw, authorized a $500,000 contract with the Kansas City EDC Loan Corporation, which was set aside for small business grants.

Below is the breakdown of funds per each program:

• Micro-Business Grants Program ($100K)
• Kiva Crowdfunded Microloan Program ($100K Matching Fund for KCMO Loan Applicants)
• Savings Match Program ($200K in matching funds)
• Loan Preparation Program with Prospect Business Association ($50K)
• Financial Technical Assistance with Entrepreneurial Business Basics ($50K is provided to all grant recipients)

In addition to the aforementioned funds, KC BizCare raised an additional $365,000 in funding. Below are some of the funding sources bolstering the program’s impact:

• Ewing Kauffman Foundation: BizCare received a $250,000 Access to Capital Grant in 2022. This demonstrates a shared commitment to advancing entrepreneurship and expanding access to financial resources.
• National League of Cities: Through a $15,000 City Inclusive Entrepreneurship Program grant awarded in 2023, the KC SMB Capital Program reinforces its dedication to promoting diversity, equity, and inclusion in the entrepreneurial ecosystem.
• US Conference of Mayors: A $10,000 Dollarwise Grant, also awarded in 2023, further strengthens the City’s efforts to enhance financial literacy and empower individuals to achieve economic stability and success.

Through the program’s partnership with the EDCKC, two additions were made to support the growth and inclusivity of small businesses:

• New Capital Access Manager, Regina Sosa: The Capital Access Manager (CAM) administers programs that create a more inclusive financing space and level the playing field for small enterprises to do business in the city. The CAM will manage funds targeted for assisting Minority and Women-Owned Businesses and emerging companies in Kansas City through the Economic Development Corporation of Kansas City.
• New Capital Advisory Committee: Under its contract with the City of Kansas City, the EDCKC established a Capital Advisory Committee to oversee the KC Small Business Capital Programs.

To learn more about the KC Small Business Capital Programs, visit bizcare.kcmo.gov/capital or email [email protected]. Learn more about the Economic Development Corporation of Kansas City, Missouri (EDCKC) and its partnership with KC BizCare.