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Leavenworth businesses receive $88,500 in no-interest loans from FCDC

Members of the community-led First City Development Corporation presented checks to signify no-interest loans for two Leavenworth businesses on Sept. 18. Businesses that received the loans were:

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“3 Ladies Sewing Shoppe,” a retail sewing machine and craft supply store at 425 Delaware St., received a $43,500 no-interest loan.
Spruce it UP

“Spruce it Up,” a rental and commercial property at 900 Broadway St., received a $45,000 no-interest loan.

 

Entrepreneurship Communities, or E-Communities, are a partnership through NetWork Kansas that allows a community to raise seed money for local businesses through donations within the community. These funds are raised using Kansas Entrepreneurship Tax Credit allocations and are then distributed in the form of matching loans and grants to a new and expanding business through a competitive application process administered by a local leadership team. Leavenworth is one of 44 E-Communities in Kansas. For more information about NetWork Kansas, visit http://www.networkkansas.com/ 

First City Development Corporation was set up in 2011 as a NetWork Kansas E-Community Partnership member and can provide loans to entrepreneurs for new business expansion within the City limits of Leavenworth. Loans must not exceed $45,000; terms of the zero-percent interest loans cannot exceed 96 months. The program requires 40 percent matching funds from a public source. Loan applicants must provide a financial plan with the application, projected job creation in the City of Leavenworth and potential economic benefit to the community. The first recipient of an E-Community loan from the First City Development Corporation was TenPenny Restaurant and Bar in 2012. The FCDC previously awarded $15,000 in August to two other Leavenworth businesses. The Leavenworth City Manager's Office processes loans for this program. For more information, visit our web page, http://www.lvks.org/topic/index.php?topicid=7&structureid=44