Allen County business owners adversely affected by the COVID-19 shutdown can apply for “Restart Kansas” loans, through the Allen County E-Community program.
Businesses can borrow up to $20,000 in emergency assistance to maintain or restart their businesses due to the impact of the coronavirus, explained Humboldt City Administrator Cole Herder, one of the local administrators of the E-Community program.
The loans would be repaid over the next 48 months, at 2% interest, with payments deferred for the first four months.
Applications are due by 5 p.m. Monday, although borrowers can ask for an extension by contacting Herder at cole.herder@humboldtkansas.org or 620-473-3232.
Local businesses are eligible for the Restart Kansas funding because Allen County is part of the E-Community network.
The E-Community Program is a part of NetWork Kansas, a team of entrepreneurs and private and public partner organizations from across the state. Allen County is one of more than 60 designated E-Communities.
Much of the funding comes in the form of a 75% entrepreneurship tax credit. This means that for every $1,000 donated, a donor receives a $750 credit directly off his state income tax liability.
Proceeds are used for a variety of resources to assist small businesses across the state. More than $236,000 has been made available to Allen County businesses since 2017, although there are other benefits to being an E-Community, Herder noted, such as access to assorted business workshops and training sessions.
The Restart Kansas Loan applications will be reviewed by a locally administered E-Community Financial Review Board, using a scoring rubric. If applications exceed the amount available, the Financial Review Board will determine the amount received by each successful applicant.
Submit applications to Allen County E-Community, ℅ Cole Herder, City of Humboldt, PO Box 228, 725 Bridge St., Humboldt, KS 66748
The long-term goal for Restart Kansas is to offer additional loan programs as needs arise, Herder said.
