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Loan program approved for small businesses in northeast Wichita

Loan program approved for small businesses in northeast Wichita

Loan program approved for small businesses in northeast Wichita

Wichita city council members have approved a change in plans for some of the funding from the city’s 2017 sale of the Hyatt Regency Hotel.  The funding will be used to provide a revolving loan program for emerging and small businesses in the northeast area of the city, with a preference for minority-owned and women-owned businesses.

The city has divided $6 million from the Hyatt sale to a variety of projects in the six city council districts.  For District 1, the plan was to use $93,000 for a neighborhood redevelopment initiative in the 67214 area code.   City manager Robert Layton said the coronavirus pandemic has caused delays and the project was not able to move forward last year.    The city will use $88,000 for a revolving loan program for small businesses, and the remaining $5,000 will be used to go after Opportunity Zone funding for redevelopment projects in District 1.

Vice-mayor Brandon Johnson, who represents District 1, said he has heard from several businesses over the years who just needed $3,000, $5,000 or $10,000 loans to help them get started.  He said the loan program will fill gaps in programs to make sure they can “access their American dream.”

 

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