New Loan Programs Launch in Manhattan Region to Propel Small Business Growth
MANHATTAN, KS – In a collaborative effort aimed at nurturing local entrepreneurship, $350,000 in new capital is now at the fingertips of area entrepreneurs for the upcoming year. This financial boost comes through the launch of two entrepreneurial funding programs—the Elevate Micro-Loan Program and the NetWork Kansas Empower Fund. A consortium of key entrepreneurial ecosystem partners, including the Manhattan Area Chamber of Commerce, Spark, Black Entrepreneurs of the Flint Hills, K-State Innovation Partners, the Greater Manhattan Community Foundation, and NetWork Kansas, have joined forces to make this initiative a reality.
To complement these new initiatives, the Manhattan region also benefits from existing NetWork Kansas E-Community and GrowKS loan programs, ensuring a comprehensive suite of resources for local businesses. Interested entrepreneurs can find detailed information and check eligibility on the Spark website at funding.sparkmhk.com, where an online Inquiry Form is available to start the process.
"Small businesses and entrepreneurs are vital to the local economy and make Manhattan an attractive place to visit and live,” said Daryn Soldan, Executive Vice President of the Manhattan Area Chamber of Commerce.
“89% of small business owners say access to capital is their primary barrier to growth,” says Sarah Siders, Executive Director of Spark. “Spark is committed to developing programs that provide capital at critical business launch and growth stages.”
Entrepreneurs will now be able to access Elevate Micro-Loans of up to $15,000. Terms of the loans include 4% interest and 36-month repayment to qualifying businesses in the city limits of Manhattan. To support equitable access to capital, 20% of the Elevate Micro-Loan is designated for economically disadvantaged businesses.
The Elevate Micro-Loan Program has been generously capitalized by the City of Manhattan, with the City Commission approving $250,000 to support small business funding in May 2023. The Greater Manhattan Community Foundation is also a key supporter, contributing resources for loan administration. Administration of the new program will occur locally, and a local review board will be responsible for lending decisions.
The Empower Fund, a NetWork Kansas pilot program, is designed to provide access to capital for minority business owners facing barriers to traditional financing. Offering loans up to $15,000, the Empower Fund features a 4% interest rate and a 48-month repayment period to qualifying businesses located in Riley, Pottawatomie, or Geary Counties. Lending decisions will be made at the local level by a diverse review board.
“Ensuring access to capital is a central focus of our community work. We are honored to play a role in advocating for this initial funding opportunity for small businesses,” Sheila Ellis-Glasper, Executive Director, Black Entrepreneurs of the Flint Hills. “Our commitment remains unwavering in dismantling barriers for underrepresented and underestimated entrepreneurs and fostering a business environment that truly prioritizes equity for everyone."
“It is an incredible honor and a privilege to work alongside our partners in Riley, Geary, and Pottawatomie Counties to further the mission of increasing access to funding among socially-disadvantaged populations while ensuring the support, technical assistance, mentoring, and guidance of our program partners enables long-term sustainable success and future growth within the minority entrepreneurial ecosystem,” said Jenn Laird, Manager, Urban Engagement – NetWork Kansas.
Applicants for the Elevate and Empower programs will be required to work with the Small Business Development Center (SBDC) for technical assistance. The SBDC provides one-on-one, confidential, no-cost consulting services to entrepreneurs and business owners.
“We are excited to support these great small business financing programs with valuable technical assistance,” said James Monson, SBDC Business Advisor.
For additional information, please visit funding.sparkmhk.com.