ANDOVER — NetWork Kansas launched an impactful initiative to support the immediate needs of local businesses due to the COVID-19 crisis. Restart Kansas will provide 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 will have terms of two percent interest for 48 months with four months of deferred payments.
“The last few months have illustrated the need for local cities and counties to think outside-the-box and create new resources to assist their small businesses,” said Erik Pedersen, NetWork Kansas vice president of entrepreneurship. “Administering the HIRE (Hospitality Industry Relief Emergency) Fund for the state was important but we wanted to continue and seek the help of our partners to do more. We are very thankful for the long-standing relationship with Western 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 will be dedicated to the participating county. Additional funds may also be raised through charitable donations. Thanks to recent legislation, banks and savings and loans can now utilize the tax credit.
Western Kansas has many progressive banks, businesses and individuals. Together the below listed have contributed $430,000 resulting in $258,000 Restart Kansas funds designated specifically for western Kansas.
Adams Bank & Trust- Colby, KS
Bank of Hays- Hays, KS
Heartland Tri-State Bank- Elkhart, KS
Farmers Bank & Trust- Great Bend, KS
Farmers & Merchants Bank of Colby- Colby, KS
First National Bank & Trust- Phillipsburg, KS
Woofter Construction and Irrigation- Colby Kansas
As an entrepreneurial and philanthropic business, Woofter Construction and Irrigation president, Chris Koerperich stated, “Learning of the opportunity to reinvest locally and benefit our fellow businesses made this a very easy decision.” Shan Hanes, president of Heartland Tri-State Bank states, “This is a great opportunity to help businesses re-open quickly while assuring the funds donated stay within your local community.”
Joann Knight, board president of the Western Kansas Rural Economic Development Alliance (wKREDA) speaks deeper into what this means for Western Kansas specifically; “Assisting our local businesses is critical at this time, and Restart Kansas gives you the opportunity to show your support. By investing in tax credits, you help give back to Western Kansas small businesses.”
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. If you want to join the list of progressive and influential banks, businesses and individuals and participate in this tax credit program you can call 877.526.8600 and ask for Steve Radley or Erik Pedersen 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.
For more information about the Entrepreneurship (E-) Community Partnership, visit www.networkkansas.com/ecommunities, or call 877.521.8600.
News release