Finding a Business Loan in Kansas

March 29th, 2022 by admin Leave a reply »

Kansas Development Finance Authority:
If you are a businessmen based in Kansas and are planning to set up a new business or expand the existing business, Kansas Development Finance Authority (KDFA) offers you numerous cost-effective solutions.

The body works in coordination with various Kansas agencies, financial institutions, and lenders to issue tax-exempt and taxable bonds, provide loans, and investment capital to businessmen, non-profit corporations, and statewide government and agricultural units. KDFA also enjoys the position of the only state finance authority in Kansas that offers multipurpose financing services. By providing long-term business development loans, the state body actively participates in the economic development of the state and creation of jobs in it. Various financing programs offered by KDFA are enlisted below:

Business Enterprise Financing (BEF):
KDFA finances business engaged in agriculture and industrial works by issuing them private activity bonds. To avail of these bonds the business must be engaged in processing, repairing, assembling, distributing, manufacturing, producing, offering computer of communication services, and transportation. KDFA also finances aquaculture and sericulture industries and producers of various commodities, engaged in supporting operations of the farms.

Such bonds obtained from KDFA can be utilized for increasing the capacity of the plant, installing modern production and manufacturing equipment, or any other work related to the up gradation of the company’s existing operations.

Community Development Block Grant (CDBG):
All those cities that have been incorporated in Kansas but are not eligible for availing Housing and Urban Development (HUD) facility or do not entitled to receive CDBG on an annual basis can apply for Kansas CDBG facility. In some cases, individual businesses also participate with their city or country to avail of CDBG.

To qualify for CDBG, a business must mention in its application process its complete business plant and its strategies of funding the project. In case, the application gets the required approval, funds are given to the business owner the local government.

Sedgwick Country Micro-Loan Program (SCMLP):
This program helps establishment and expansion of business in Sedgwick, only if the location of the project is going to be outside the city limits of Wichita. Micro-Loan funds can be used for purchasing equipment for starting a business or expanding it, building inventory, getting office space or business-related equipment on lease, buying a building for operating the business, and funding advertisement, promotion, marketing, and transportation.

SCMLP offers special incentives to Oaklawn – Sunview communities and encourages applications from women and minorities communities to raise the employment levels. Application forms for this program are available in a number of places across various websites. Simply browsing through the website will provide you with all the necessary details and information about the applications forms’ availability.

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