Business View Magazine | July 2020

151 BUSINESS VIEW MAGAZINE JULY 2020 UNIFIED GOVERNMENT ANNOUNCES KC COVID-19 Small Business Relief Loan Fund ........ The Unified Government of Wyandotte County and Kansas City, Kansas is contributing $175,000 in a partnership with financial firm AltCap to launch the KC COVID-19 Small Business Relief Loan Fund. The funding was approved by the Board of Commissioners and will help support microloans in Wyandotte County for businesses affected by COVID-19. The contribution of $175,000 in loan loss reserve from the Unified Government will enable over $700,000 in loans for mom & pop sized businesses; providing microloans of up to $25,000 for Wyandotte County-based small businesses (20 employees or less; $750,000 or less annual revenue) in industries experiencing significant loss of business due to COVID-19. Mayor David Alvey says, “The small businesses that are the backbone of our communities need the lifeline this fund may provide during this difficult time, and every contribution made helps more owners and their employees see a possible path forward.” The collaboration among local government, civic organizations, community leaders and businesses in Kansas City has uniquely allowed the region to respond to the unprecedented challenges the COVID-19 pandemic has caused. The KC COVID-19 Small Business Relief Loan Fund is administered by AltCap, a local Community Development Financial Institution (CDFI). CDFIs are often at the frontlines of disaster recovery efforts helping communities weather the effects of natural disasters, recessions, and other significant economic events. Underwriting for the Fund has prioritized sectors like retail, food service, personal services, arts, and hospitality, that were deemed “nonessential” during the pandemic but are vital to the overall health of communities and the economy. Interested small businesses should visit www.alt-cap.org for more information and to apply. KANSAS C I TY , KANSAS