About the Program
For decades, EDCKC has assisted and supported small businesses in the community through the
Economic Development Corporation of Kansas City Loan Corporation (EDCLC). EDCLC has
awarded over $2 Million in small businesses loans.
EDCLC is partnering with the Prospect Business Association (PBA) to launch a new microloan
program that will offer funding to be used for a variety of business purposes such as working
capital, to purchase inventory or supplies, cover payroll, training employees and cover seasonal
expenses. Preference will be made to businesses that are minority or woman owned or operating
in financially distressed communities.
The program will allow for loans up to $15,000 at a straight 3.5% – 5.00% based interest rate.
Loan repayment terms are 2-3 years, specific to each loan.
EDC Loan Corp – PBA Microloan Program Dedicated Email Address: EDCLCMicro@edckc.com
EDC Loan Corp – PBA Microloan Program Dedicated Phone line: 816-666-9722
- Private, for-profit businesses that are considered as such, per the Small Business Administration guidelines
- Based and located in the City Limits of Kansas City, Missouri
- Businesses 1 year or older
- Employ 10 or less Employees
- Have $150,000 or less in annual revenue
- Borrower must demonstrate profitability, a positive tangible net worth and proof of an open status
- Be able to provide income verification (past 12 months of financial statements, past year of personal/business tax returns, organizational documents, certificate of good standing
- 2-forms of Government Issued ID
- City Tax Clearance
- Home-based businesses or franchises are not eligible
- Political activities, private clubs, financing/investment companies, or business in which a state, local or federal elected official, or employee of City has ownership are not eligible
- Current EDC Loan Corp Borrowers are not eligible
- Personal Guarantee required.
- Must agree to participate in the Prospect Business Association Business Development Services Program for the duration of the loan
- Other criteria may apply
- Loan amounts of $3,000 – $15,000
- 3.5% -5% Interest Rates
- No minimum credit score is required
- No pre-payment penalties
- 2–3-year loan terms
- Applications will be approved for funding by the Economic Development Corporation of Kansas City Loan Corporation (EDCLC), based on the program criteria.
For program information questions, call (816-666-9722), or email (EDCLCMicro@edckc.com) or (firstname.lastname@example.org)
Applications will be processed as quickly as possible.