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$1.75 Million RAISED TO CREATE AND SUPPORT LOCAL LOAN FUNDS FOR ENTREPRENEURS

Posted Oct 09, 2017

By: Erik Pedersen

Two communities were selected by NetWork Kansas to participate in its innovative Entrepreneurship (E-) Community Partnership. Neosho County and Morton County received $104,000 in tax credits, enabling them to raise $138,667 to be loaned to local businesses and/or used to pay for NetWork Kansas board certified programs, ultimately creating a dynamic entrepreneurial environment.

“We welcome these two great communities to the E-Community partnership, bringing the total to 61,” said Erik Pedersen, Vice President of Entrepreneurship for NetWork Kansas. “In each their own way, they have created very engaged, collaborative and passionate leadership teams.  I think Morton County and Neosho County will be great additions to the network of E-Communities that are actively growing flourishing entrepreneurial environments across the State”

The E-Community partnership, now in its ninth year, has grown from six communities in 2007 to 61 in 2017. To date, E-Communities have provided $11.1 million to businesses, leveraging an additional $53.5 million. This funding is one aspect of the E-Community partnership and has immeasurable positive effects on the entrepreneurial ecosystems of these participating areas. 

This partnership allows a town, a cluster of towns or an entire county to raise seed money, via Kansas Entrepreneurship Tax Credit allocations, through donations from individuals or businesses within the community. These funds are then distributed in the form of matching loans and grants to new and expanding businesses through a process administered by a local leadership team. In addition, the funds can be used to pay for NetWork Kansas board certified programs, which focus on developing the capacity of startups, existing businesses, second-stage businesses, youth entrepreneurship and others.     

In addition, sixteen existing NetWork Kansas E-Communities were awarded additional tax credits to raise funds to replenish their local E-Community fund. The following communities were granted $895,920 in tax credits, enabling them to raise $1,194,560: Atchison, Cherokee County, Clay County, Douglas County, Girard, Hillsboro, Inman, Leavenworth County, Lincoln County, Marion, McPherson, Northern Montgomery County, Norton County, Republic County, Shawnee County and Wichita (e2e).

To learn more about the E-Community Partnership, Contact:

Erik Pedersen, Vice President of Entrepreneurship, 316.425.8841
epedersen@networkkansas.com

 

About NetWork Kansas:

NetWork Kansas was established as a component of the Kansas Economic Growth Act of 2004 to further entrepreneurship and small business growth as a priority for economic and community development in the State of Kansas. Backed by more than 500 partners statewide, the NetWork Kansas service promotes an entrepreneurial environment by connecting entrepreneurs and small business owners with the expertise, education and economic resources they need in order to succeed.

NetWork Kansas facilitates the development of an entrepreneurial ecosystem within participating communities through the E-Community Partnership. Contributing factors to successful development include availability of financial capital, support by local leadership and development of educational resources. All of these factors combine to increase entrepreneurial activity in participating towns, leading to increased startup activity, business expansion, job creation and more.

For more information about NetWork Kansas, visit www.networkkansas.com, or call 877.521.8600