Editor’s note: Kansas City’s KC BizCare Office and the Ewing Marion Kauffman Foundation are financial supporters or partners of Startland News.
A new collaborative effort aims to boost Kansas City’s small business and startup ecosystems by building greater capital readiness among entrepreneurs and increasing access to starting capital, said Tracey Lewis.
The Economic Development Corporation of Kansas City (EDCKC) and the City of Kansas City’s KC BizCare Office on Wednesday announced the launch of the KC Small Business Capital Programs, an initiative aimed at nurturing the growth of small businesses and startups in Kansas City, Missouri.
Applications for the program’s first offering — Micro-Business Grants — opened Feb. 1.
“Entrepreneurship is a key strategy in the EDC’s plan to achieve strategic economic mobility throughout Kansas City,” said Lewis, president and CEO of the EDCKC. “Collaborating with the City of Kansas City allows us to reach a portion of our community that does not traditionally receive capital resourcing. We are proud to be a part of this partnership.”
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The program’s primary goal is to bolster Kansas City’s capacity to foster the development of healthy small businesses that play a vital role in the local economy, Lewis added.
This initiative targets privately held businesses in Kansas City, Missouri, with fewer than 10 employees, recognizing their significant contribution to the community and economy, according to the EDCKC. By offering a range of financial support options, the KC Small Business Capital Program seeks to empower these businesses with the resources they need to succeed and grow.
Click here for more information about the KC Small Business Capital Programs, eligibility criteria, and application details.
“The implementation of the capital programs will help us begin to overcome longstanding data deficiencies that have consistently hindered our office and local ESO’s (entrepreneur support organizations) ability to advocate for additional resources and support for small businesses” said Nia Richardson, managing director for the KC BizCare Office. “The data obtained will be invaluable to our new Small Business Task Force in advocating for equitable policy changes that benefit small businesses.”
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Funding to establish the capital programs was provided by the City of Kansas City, Missouri, via its American Rescue Plan Act (ARPA) funds through ordinance 221031 in December 2022, sponsored by Councilwoman Ryana Parks-Shaw and Mayor Quinton Lucas authorizing $500,000 for the grants and loan programs.
The KC SMB Capital Program is also funded in part by the Ewing Kauffman Foundation $250,000 Access to Capital Grant (2022), National League of Cities $15,000 City Inclusive Entrepreneurship Program grant (2023), and the US Conference of Mayors $10,000 Dollarwise Grant (2023).
“At the core of the KC Small Business Capital Programs is our unwavering support for our community,” said Shakia Webb, program officer at the Kauffman Foundation. “Through partnerships with local chambers, support organizations, and financial institutions, KC BizCare will provide essential guidance and resources.”
“Together, we can connect entrepreneurs with the tools they need to access low to no-interest capital, fueling business growth and enriching our local economy,” she added. “We can build a more inclusive future for all Kansas Citians.”
The KC Small Business Capital Programs partnership included the creation of a new role at EDCKC for small businesses — a capital access manager — responsible for administering the capital programs and the Capital Advisory Committee, which will help oversee and sustain the capital programs.
“In my role as capital access manager, I am here to work 1:1 with small business owners,” said Regina Sosa, capital access manager for the EDCKC. “Our goal is to understand their business and capital needs, advocate for better small business policy, and increase the amount of funding and resources for early-stage businesses in Kansas City.”
“This is a unique access to capital program,” she added. “We will learn a lot about the state of small businesses in KCMO.”
The types of capital offered via these programs will include:
The Small Business Capital Program has a straightforward application process to ensure accessibility and inclusivity:
“The KC Small Business Capital Programs represent a crucial step toward fostering a resilient and vibrant small business community in Kansas City,” the EDCKC said in a statement. “By offering a diverse array of financial support options and an efficient application process, the program aims to drive economic growth, innovation, and entrepreneurship in the city.”
Information sessions on the new capital programs are planned in February:
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