Program Summary - Minority and Women Business Multiplier Loan Fund
The Minority and Women Business Multiplier Loan Fund (MWB) was launched in October of 2013. The MWB provides gap financing to help minority and women-owned businesses (MBE/WBE) and other disadvantaged business enterprises (DBE). Funds are flexible and can be used for a variety of purposes, including equipment, inventory, and working capital. Entrepreneurs work with a NetWork Kansas resource partner to apply for funds.
The MWB is a component of the Kansas Capital Multiplier Funds, which provide matching funds through the NetWork Kansas partner network to eligible businesses in communities across Kansas. Funding is provided through the United States Treasury via the State Small Business Credit Initiative (SSBCI).
Under the MWB, businesses can apply for matching loans up to 20% of the private capital invested. Private capital invested includes the amount of the loans provided by financial institutions, certified development companies, and other sources of private lending. Private capital also includes the entrepreneurs’ investment and funds provided by angel investors and angel investor groups. The minimum loan from the MWB is $25,000, with a maximum loan of $100,000.
Additional eligibility requirements include certification of the business owner as a MBE (Minority Business Enterprise), WBE (Women Business Enterprise) or DBE (Disadvantaged Business Enterprise. Certification must be obtained from the Kansas Department of Commerce Office of Minority and Women Business Development prior to apply for a MWB loan.
Benefits of the MWB Multiplier:
- No collateral requirements
- Can be used for working capital
- Can match up to 20% of the private capital investment
- No early repayment penalties
- Low fixed interest rates
Application Steps for Minority and Women Business Multiplier Fund
1. Review the Service Description for the Minority and Women Business Multiplier Fund. Call Imagene Harris at (785) 296-0383 with any questions about the responsibilities of the partner
Not a partner? Only NetWork Kansas resource partners can access MWB funds. Find out how to become a resource partner here.
2. Complete the application and email to email@example.com
3. If you do not receive a reply within 3 days that the application was received, please call Imagene Harris at (785) 296-0383
4. NetWork Kansas will contact you via email to inform you of the status of the application. All applications received by the 15th of every month will be reviewed before the end of the same month. Further instructions will be provided in the email notification you receive from NetWork Kansas.