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), which also is known as LoanUp. In 2020, $600,000 in loans were awarded to four small businesses.
The new microloan program will offer funding can 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 will be flexible and specific to each loan.
EDC Loan Corp Microloan Program Dedicated Email Address: EDCLCMicro@edckc.com
EDC Loan Corp Microloan Program Dedicated Phone line: 816-897-0208
- 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
- Employ 10 or less Employees
- Have $75,000 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 and proof of a financial business impact from the Covid-19 Pandemic Financial Crisis
- 2-forms of ID
- 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
- Personal Guarantee required
- Other criteria may apply
- Loan amounts up to $15,000
- 3.5% -5% Interest Rates
- No minimum credit score is required
- No pre-payment penalties
- Flexible loan terms
- Applications will be approved for funding by the Economic Development Corporation of Kansas City, MO based on the program criteria
For program information questions, call (816-897-0208), or email (EDCLCMicro@edckc.com)
Applications will be approved for funding by the Economic Development Corporation of Kansas City, MO and will be processed as quickly as possible.