The city of Wichita has created a revolving loan program to make capital more readily available to minority-owned and women-owned businesses in northeast Wichita.

The program is called PROPEL, which stands for Providing Resources and Opportunities for Proprietors, Entrepreneurs and Lenders.    Vice-mayor Brandon Johnson developed the fund by using a portion of the city proceeds from the 2017 sale of the Hyatt Regency Hotel.    Johnson said he has heard from several businesses that just needed $5,000, $3,000 or $10,000.   He said the coronavirus pandemic highlighted the need for such a fund and the disadvantages that minority-owned and women-owned businesses have faced.

The program is aimed at businesses in Johnson’s District 1, and they will have to meet a set of eligibility criteria.  There are also requirements on how the funds can be spent.  Business owners who qualify and are approved can get up to $15,000 at an interest rate of 3 percent.

Applications for the program will be taken starting Monday, May 24th, through the city’s web site at www.wichita.gov.propel      The city worked with CML Collective, a firm that helps create and manage microloan programs, to establish the PROPEL program.