Marion County approved for micro-loan grant

ORIGINALLY WRITTEN
Marion County is one of six Kansas counties that will be receiving a $100,000 grant from the U.S. Small Cities Community Development Block Grant (CDBG) Micro-Loan program.

Lt. Governor/Secretary of Commerce & Housing Gary Sherrer made the announcement Monday.

The other five counties are Linn, Morton, Sheridan, Sherman and Stevens. The counties will use the funding to make loans to small businesses.

“We are pleased to be able to offer these counties funding that will help them retain and recruit small businesses in their counties,” said Sherrer. “Small businesses are the economic backbone of Kansas communities.”

Under the Micro-Loan program, counties may make loans of up to $15,000 to small business operations -defined as five or fewer employees-with an interest rate of not less than 4 percent below prime.

As businesses pay back the loans, counties can then loan funds to other small businesses.

Micro-Loan grants are awarded through a competitive process to non-entitlement counties-those with fewer than than 200,000 residents-that do not currently have a revolving loan program.

For more information about the program, contact the Community Development Division of the Kansas Department of Commerce & Housing at 785-296-3004.

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