KC $1.2 million microfinance program

The Ewing Marion Kauffman Foundation has announced a $1.2 million microfinance program for underserved entrepreneurs.

Kauffman FoundationIt’s called the KC Microfinance Portfolio, spearheaded by the Kauffman Foundation and four microfinance lenders specializing in small business lending: AltCap, the Women’s Business Center, KC Hispanic Economic Development Corporation and Justine PETERSEN.

Loans will be distributed in early to mid-spring 2018, and sold into banks in summer 2018. Initially these loans will provide funds to 20-30 businesses, but have the potential to help a much larger pool of local entrepreneurs.

According to Nathan Kurtz, senior program officer in entrepreneurship for the Ewing Marion Kauffman Foundation: “It (the portfolio) is part of our zero barriers initiative to help reduce obstacles that have traditionally kept people out of entrepreneurship. Our hope is that if the pilot program can work here in Kansas City, it can work anywhere.”

Read the news release about KC Microfinance Portfolio.