Access to Capital

Kansas City Small Business Capital Program

New Capital Programs for KC Small Businesses!

The City of Kansas City, Missouri, and the Ewing Marion Kauffman Foundation have partnered with the Economic Development Corporation of Kansas City to offer a groundbreaking initiative for access to “starting” capital for small businesses. By supporting small businesses and fostering innovation and entrepreneurship, the capital program is helping to create a more vibrant and dynamic local economy that benefits everyone who calls Kansas City home.

The Kansas City Small Business (KC SMB) Capital Program is a significant milestone in promoting a robust and thriving small business community in Kansas City. The program is designed to encourage economic growth, innovation, and entrepreneurship in the city by providing a variety of financial assistance options for starting capital. Through this initiative, small businesses in Kansas City can access low-interest loans, grants, and other forms of financial assistance to help them grow and expand. The program also provides training and technical assistance to help entrepreneurs develop the skills and knowledge they need to succeed in today's competitive business environment.

For more information or to become a partner: contact Regina Sosa. Email smbcapital@edckc.com | Phone 816-691-2120

The small business capital programs offered will include:

  • Kiva Kansas City – crowdfunded microloans with 0% interest, providing small businesses with the opportunity to access up to $15,000 in capital.
  • Micro-Business Grants – Small businesses in need of expansion or poised for growth can apply for grants of $10,000, $15,000, or $25,000.
  • Loan Application Preparation – a technical assistance program to help small businesses navigate the complexities of bank loan applications. 
  • Small Business Development Accounts (IDAs) – the program provides checking and savings accounts with a 4:1 match, allowing eligible businesses to secure up to $10,000 in funding.

The 2024 KC SMB Capital Schedule

  • Kiva Kansas City Application Open: January 22
  • Micro-Business Grant (Round 1) Application Opens: February 1; closes March 1
  • SMB Development Accounts (IDA) Application Opens: March 1; closes April 1
  • Loan Application Prep Program Applications Open: March 1; closes April 1
  • Micro-Business Grant (Round 2) Application Opens: May 1; closes June 1

The Application Process

  • Central Eligibility In-Take Form: To get started, complete the general eligibility in-take form. You can enable the Google translate feature on the sign-in page, allowing users to create their accounts in their preferred language. This ensures that users can complete their applications in the language they're most comfortable with.
  • Program Specific Application(s): After the initial eligibility assessment, applicants will be directed to complete program-specific application(s) through the online platform.
  • Review and Selection: A dedicated review panel will evaluate applications, selecting businesses that align with the program's mission and goals.
  • Technical Assistance: Selected businesses will receive technical assistance to navigate the application process further, ensuring they are well-prepared for success.
  • Payment: Once the application process is complete and approved, successful applicants will receive their capital infusion.
  • Progress Reporting: The program encourages recipients to provide progress reports, ensuring transparency and accountability throughout the funding period.

The KC Small Business Capital program is an excellent opportunity for entrepreneurs to receive funding for their businesses. With multiple capital programs available, it's essential to review the schedule carefully to ensure you apply for your preferred option. It's important to note that only one grant per business will be allowed, so it's crucial to choose the program that best fits your business needs. Don't miss out on this chance to secure capital for your small business.

Apply today and take your business to the next level!

Kiva Kansas City

Kiva connects entrepreneurs with 0% interest loans between $1,000-$15,000 that are crowdfunded by a community of 2M+ individual lenders on their online platform. The Kiva Kansas City team works with local entrepreneurs to help them succeed throughout the Kiva loan application, fundraising, and repayment processes. Kiva engages a community of over 2 million lenders who crowdfund the loans by contributing as little as $25, providing entrepreneurs with affordable capital to support their business. Kiva and its lenders want to support small business owners to create jobs, support their families, and make a positive impact in their communities.

Program Type: Crowdfunded Microloans

For more information contact: Email Kansascity@local.kiva.org or by phone 816-691-2120

Kiva offers crowd-backed microloans

  • 0% interest, no fees, no collateral
  • Up to $15,000 loan amount
  • Up to 36 months terms
  • Social underwriting - character not credit score

To qualify for Kiva Kansas City:

  • Borrower and business must be U.S. based.
  • Borrower must be 18 years of age or older.
  • Loan must be used for business purposes.
  • Business must not be engaged in multi-level marketing, direct sales, pure financial investing, etc.
  • Borrower or business must not be under foreclosure, bankruptcy, or under any liens.
  • Home-based businesses are eligible for a Kiva loan.
  • Businesses must have a business bank account connected to PayPal. Kiva loans are disbursed and repaid through PayPal.

How does Kiva Kansas City work?

  • Application: 30 min. - 1 hour-Start your application at Kiva.org/borrow. Meet with the KivaKC team to review and edit your application as needed.
  • Kiva Review: 1-3 weeks-Your application is reviewed by Kiva. You may be asked to clarify information or make edits to your application. Kiva determines if you are approved and for what loan amount.
  • Private Fundraising: Up to 15 days-If you're approved, you have to demonstrate your creditworthiness by having between 5-40 of your friends, family, and personal network lend as little as $25 to your loan. The pitch section of your application is posted on Kiva's platform.
  • Public Fundraising: Up to 30 days-Kiva lenders around the world (and here in Kansas City) read your pitch and support your loan $25 at a time until your loan is fully funded. Loans must be fully funded within the stated timeframe to be disbursed.
  • Repayment: 30 days after fully funding loan- Repayments terms are between 12 to 36 months, based on loan size. There are no penalties for repaying early, and six-months after repayment, you can apply for another, larger loan.

Micro-business Grant Program

Grant Application Schedule

Micro-business Grant (Round 1) Application Opens: February 1; closes March 1

Micro-business Grants (Round 2) Application Opens: May 1; closes June 1Applications Open: February 1, 2024

Program Type: Grants

Contact: by email smbcapital@edckc.com or by phone 816-691-2120


Grant Program Overview

In efforts to assist eligible micro-businesses (less than 10 employees) that experienced negative economic impact from the pandemic, the City of Kansas City, Missouri, has partnered with the Economic Development Corporation – Loan Corporation (EDCLC) to help micro-businesses grow, expand, and retain jobs in Kansas City, Missouri.

Grants are available to Kansas City, Missouri-based businesses operating prior to January 1, 2023, with ten (10) employees or less. The EDCLC will provide grants of $10,000, $15,000, and $25,000. Qualified applicants that own an existing micro-business that is primed for expansion and moving to the next level in business growth can utilize funds towards:

  • Overhead costs (Rent, lease, mortgage, etc.)
  • Renovation costs (Sheetrock, flooring, painting, etc.)
  • Technology (Laptop, desktops, etc.)
  • Professional services (Legal, accounting, etc.)
  • Facade and minor roof repairs (Painting, sealing, etc.)
  • Inventory costs (Except office supplies)
  • Equipment costs
  • Marketing (Website, signage, etc.)

Ineligible Micro-Businesses: 

  • Liquor stores, payday loans, hookah, vape shops, marijuana related businesses, and rental properties (long and short term).
  • Bars and establishments that sell alcohol with less than 50% in food sales (sites with state and federal license for production and distribution may apply).
  • New businesses operating less than one year.


Technical Support Requirement for Grant Recipients

Selected grant recipients will be required to participate in the technical assistance training. Utilizing the foundations of the Kauffman FastTrac program, grant recipients will receive technical assistance focused on collateral and business assessments, business plan development or reconstruction, feasibility, and financial structuring. Additionally, they will set SMART goals and a Tactical Improvement Plan with a focus on expense and repayment accountability plans. This work includes 10 hours of individual 1:1 support or group training, if applicable.

Before you begin, please review the program eligibility criteria carefully to ensure your business qualifies:

  1. Must be a private, for-profit business.
  2. Must employ ten (10) employees or less.
  3. Must maintain an active 2024 KCMO business license (upload a copy).
  4. Must maintain a principal place of business within the boundaries of KCMO.
  5. Must have been in business for at least one (1) year, i.e. established before January 1, 2023.


 The Grant Application Process

  • Central Eligibility In-Take Form: Begin by completing the general eligibility in-take form through the Beam platform.
  • Program Specific Application(s): After the initial eligibility assessment, applicants will be directed to complete program-specific application(s) through the online platform.
  • Review and Selection: A dedicated review panel will evaluate applications, selecting businesses that align with the program's mission and goals.
  • Technical Assistance: Selected businesses will receive technical assistance to navigate the application process further, ensuring they are well-prepared for success.
  • Payment: Once the application process is complete and approved, successful applicants will receive their capital infusion.
  • Progress Reporting: The program encourages recipients to provide progress reports, ensuring transparency and accountability throughout the funding period.

Loan Application Prep Program

Applications Open: March 1, 2024; closes April 1, 2024

Program Type: Technical Assistance for Bank Loan Applications

Contact: by email smbcapital@edckc.com or by phone 816-691-2120


Program Overview

The Small Business Loan Application Prep program is a collaborative initiative between the City of Kansas City, MO, the Kauffman Foundation, the Economic Development Corporation of Kansas City and local financial institutions, to provide loan packaging services to Kansas City, Missouri based businesses. The program focusses on outreach to local small businesses, targeting minority owned businesses who need additional assistance with completing their loan applications to submit to our banking partner(s).

This program is being conducted in partnership with the Prospect Business Association of Kansas City who will be assisting small business owners with the collection of financial documents, accounting support services, review of documentation, completion of client application and follow up via a business development specialist and/or accounting support services if the loan is approved.

Before you begin, please review the program eligibility criteria carefully to ensure your business qualifies:

  1. Must be private, for-profit business.
  2. Must have been in business for at least three (3) years, i.e. established prior to January 1, 2021.
  3. Must maintain an active KCMO business license (upload a copy)
  4. Must maintain a principal place of business within the boundaries of KCMO.
  5. Must be able to provide tax returns from previous years.
  6. Must plan on applying for a bank loan within the next 6-12 months.
  7. Introducing the Small Business Loan Application Prep Program!


The Loan Prep Application Process

  • Central Eligibility In-Take Form: Begin by completing the general eligibility in-take form through the Beam platform.
  • Program Specific Application(s): After the initial eligibility assessment, applicants will be directed to complete program-specific application(s) through the online platform.
  • Review and Selection: A dedicated review panel will evaluate applications, selecting businesses that align with the program's mission and goals.
  • Technical Assistance: Selected businesses will receive technical assistance to navigate the application process further, ensuring they are well-prepared for success.
  • Progress Reporting: The program encourages recipients to provide progress reports, ensuring transparency and accountability throughout the funding period.

Small Business Development Account (IDA)

Applications Open: March 1, 2024; closes April 1, 2024

Program Type: Savings Match / IDA

Contact: by email smbcapital@edckc.com or by phone 816-691-2120


Program Overview

The Small Business Development Account program is here to turn your entrepreneurial aspirations into a reality. An Individual Development Account (IDA) is a savings account where the money you save is matched by a program’s sponsor or financial institution. This groundbreaking initiative made possible by the City of Kansas City, Missouri, and the Ewing Marion Kauffman Foundation in partnership with the Economic Development Corporation of Kansas City, empowers local tourism entrepreneurs to reach new heights. The program provides matched savings funds, valuable business development resources, and crucial networking opportunities to help you and your business thrive.

The IDA Program offers:

This component of the KC Small Business Capital Program provides a checking and savings account with a 4:1 match, allowing eligible businesses to secure up to $10,000 in funding.

Here's how the IDA program works:

  • Save: Commit to saving a minimum of $2,500 over six months in a dedicated IDA matched savings account at Holy Rosary Credit Union
  • Match: City funding provides a generous 4:1 match, potentially doubling your savings to a whopping $10,000!
  • Grow: Access a wealth of workshops, mentorship, and technical assistance to hone your skills and build your business acumen.
  • Connect: Network with fellow entrepreneurs and industry leaders, forging valuable partnerships and building a supportive community.

Before you begin: Please review the program eligibility criteria below carefully to ensure your business qualifies:

  1. Must be private, for-profit business.
  2. Must be operating in the tourism industries. (i.e. arts/entertainment, food, retail, etc.)
  3. Must employ ten (10) employees or less.
  4. Must have been in business for at least two (2) years, i.e. established prior to January 1, 2022.
  5. Must maintain an active 2024 KCMO business license (upload a copy).
  6. Must maintain a principal place of business within the boundaries of KCMO.
  7. Targeting entrepreneurs with annual household income at or below 80% of the Area Median Income (AMI) for KCMO. Currently at $57,500 for a family of four. Not required to participate.
  8. Must commit to saving a minimum of $2,500 over a four-month period.

Match fund recipients will receive technical assistance training with program partner EBB, utilizing Kauffman FastTrac program foundations. This training includes business assessments, plan development, feasibility, financial structuring, and setting SMART goals with a Tactical Improvement Plan. The training includes 10 hours of individual 1:1 support or group training, if applicable.

Eligibility:

Be a private, for-profit business operating in the Tourism (i.e. Arts/Entertainment, Retail and Food) industries within Kansas City, Missouri. Businesses must be at least 2 years of age (started prior to January 1, 2022).


The IDA Application Process:

  • Central Eligibility In-Take Form: Begin by completing the general eligibility in-take form through the Beam platform.
  • Program Specific Application(s): After the initial eligibility assessment, applicants will be directed to complete program-specific application(s) through the online platform.
  • Review and Selection: A dedicated review panel will evaluate applications, selecting businesses that align with the program's mission and goals.
  • Technical Assistance: Selected businesses will receive technical assistance to navigate the application process further, ensuring they are well-prepared for success.
  • Payment: Once the application process is complete and approved, successful applicants will receive their capital infusion.
  • Progress Reporting: The program encourages recipients to provide progress reports, ensuring transparency and accountability throughout the funding period.