June 8, 2020
Contact: Shelley Paasch
For Immediate Release
Mid America Bank Commits to the NetWork Kansas Restart Kansas Loan Fund
Low Interest Loans Help Nine Douglas County Businesses
Wichita, Kansas, — Today NetWork Kansas announced that Mid America Bank made a commitment to support Restart Kansas in Douglas County and the funds were used to provide loans to nine businesses. Restart Kansas is an initiative led by local leadership teams and Network Kansas professionals to assist Kansas communities in creating a new resource for small businesses. While these funds support the immediate needs of local businesses due to the COVID-19 crisis, they will also provide critical infrastructure to better meet the long-term needs of counties with additional loan programs to address future emergency situations.
Restart Kansas provides low interest loans up to $20,000 to businesses located in participating counties seeking emergency assistance to maintain or restart their business due to a disaster. These loans have terms of two percent interest for 48 months with four months of deferred payments.
Whether it be a main street retail business, restaurant, small manufacturing, or service, all industries have been affected by this crisis, said Erik Pedersen, NetWork Kansas Vice President of Entrepreneurship. No matter what has been asked of them over the years, Mid America Bank has always been there to support small business in Douglas County, and we appreciate their continued partnership with NetWork Kansas.
Nearly $1.5 million has been raised across the State by utilizing the existing Entrepreneurship Tax Credit, which provides donors a 75% state tax credit up to $100,000 in credits. Because a key component of this fund is to keep the dollars local, sixty percent of all donations utilizing the tax credit are dedicated to the participating county. Thanks to recent legislation, banks and savings and loans can now utilize the tax credit.
We value Douglas County small businesses very much, and recognize the unprecedented difficulties they are facing, said Dave Hill, Mid America Bank President. To be able to provide an additional financial resource to some of those entrepreneurs, and receive a 75% tax credit, is something we werent willing to pass up. We are thankful the funds assisted nine local businesses and we wish all business owners our best wishes during this time.
To support as many businesses as possible throughout the state, it is important for local counties, communities, banks and other donors to come together to fully utilize the Entrepreneurship Tax Credit. Banks, corporations, and other donors interested in participating in this tax credit program can call 877.521.8600 and ask for Erik Pedersen or Steve Radley to make a commitment or to learn more.
Restart Kansas loan applicants must reside in one of the participating counties, complete a Restart Kansas application, receive approval by the local leadership team, complete all necessary paperwork and provide supporting documentation. NetWork Kansas currently works with more than 40 administrative support organizations, and 64 Entrepreneurship (E-) Communities throughout the state.
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.