Kansas has received more than $69 million through the federal American Rescue Plan to expand access to capital for traditionally underserved small businesses.
Governor Kelly’s Administration applied for the funding last year in order to provide small business owners with the resources they need to grow and thrive. Approximately 40% of the small businesses supported will be women-owned and 20% will be minority-owned.
The funding is provided by the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI), and will be used to advance sectors such as Advanced Manufacturing, Aerospace, Distribution, Logistics and Transportation, Food and Agriculture, and Professional and Technical Services.
To distribute the SSBCI funding, the Kelly Administration created the Kansas Framework for Growth GROWKS Loan Fund and the GROWKS Equity Programs.
The GROWKS Loan Fund and Equity Programs will engage more than 600 community and business support partners to provide matching capital to bank loans. The result will be more than $1 billion in private sector investment over the life of the programs which can be used for common small business expenses such as inventory, equipment, supplies, and working capital.
