For Immediate Release
November 20, 2019
Contact: Steve Radley
877.521.8600 [email protected]
NetWork Kansas Announces First Group of Banks Supporting Small Business
Updated Entrepreneurship Tax Credit Now Available
Wichita, Kansas, — Today NetWork Kansas announced the first round of banks who made a commitment to be Anchor Supporters of NetWork Kansas in an effort to provide small businesses with additional support. Anchor Supporters are banks contributing from $50,000-$133,333 each through participation in the Entrepreneurship Tax Credit.
Participating banks include:
- First National Bank of Syracuse with offices in Garden City, Johnson, and Ulysses
- INTRUST Bank headquartered in Wichita
- Fidelity Bank headquartered in Wichita with 21 offices across Kansas and Oklahoma
- Mid America Bank headquartered in Baldwin City with branches in Gardner, Lawrence, and Wellsville
- Farmers Bank and Trust headquartered in Great Bend with offices in Kinsley, La Crosse, Larned, Albert, Bazine, and Kansas City
Funds donated provide capital to the nationally-recognized Entrepreneurship Community Partnership (E-Communities), statewide loan programs, and entrepreneurship programming. E-Communities include 64 communities across the state.
“Our E-Communities continue to innovate to ensure that entrepreneurs and small businesses are connected to the capital and technical assistance they need,” stated Erik Pedersen, NetWork Kansas Vice President. “Banks are the number one source of capital and are, once again, stepping up to provide support.”
The Kansas Bankers Association (KBA) in coordination with NetWork Kansas introduced Senate Bill 90 to allow banks and savings and loans the opportunity to utilize the tax credit. Under the original 2004 legislation, financial institutions were not able to participate. The bill also increases the previous cap of $50,000 for this 75% state tax credit for any donor. Donors can now utilize up to $100,000 in credits.
“We were pleased to lead efforts on Senate Bill 90 so that banks across Kansas could support efforts to provide technical assistance and gap funding to businesses in their area,” said Doug Wareham, KBA President & CEO. “More than 100 bankers serve on local Entrepreneurship Community Leadership Teams that they can now support by taking advantage of the tax credit.”
Banks interested in participating in this tax credit program can call 877.521.8600 and ask for Steve Radley or Erik Pedersen to make a commitment or to learn more.
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.