Eyeing added impact, AltCap expands its KC service area
July 13, 2018 | Startland Staff
AltCap — a Kansas City-based community development financial institution that focuses on underserved populations — is expanding its footprint.
In response to small businesses’ growing demand for capital, AltCap will now serve the entire Kansas City metro, including the Kansas counties of Wyandotte, Johnson, and Leavenworth. The move will allow AltCap to finance more small businesses and projects to create stronger, more economically inclusive communities, said Ruben Alonso, president of AltCap.
“We are thrilled to further our mission as a CDFI and deliver our impact capital to small businesses and communities throughout the Kansas City metro,” Ruben Alonso said. “At AltCap we believe that access to capital is fundamental to an inclusive, sustainable and thriving economy. That’s why we focus our efforts on capital-starved small businesses and communities that historically have had challenges accessing capital or have been overlooked by traditional financial institutions.”
Founded in 2008, AltCap offers alternative debt financing for job-creating small businesses, non-profit social service providers and real estate development projects in Jackson, Clay, Platte, and Cass counties in Missouri. The organization offers a variety of financing products, including new markets tax credits, microloans and business development services.
AltCap will help bolster the Kansas City, Kan. community, said David Alvey, mayor and CEO of the Unified Government of Wyandotte County, and Kansas City, Kansas.
“We look forward to welcoming AltCap to Kansas City, Kansas,” Alvey said. “Small businesses and entrepreneurs are the heart of our economy and with AltCap’s support, we hope to strengthen and diversify our entrepreneurial ecosystem in a way that promotes thriving, economically empowered communities.”
AltCap recently received a $55 million new markets tax credit award from the U.S. Department of the Treasury. The award enables AltCap to continue financing high-impact investments and projects in economically challenged parts of Kansas City, said Ruben Alonso, president of AltCap.
A minority-controlled financial institution, AltCap has deployed nearly $160 million in tax credits to stimulate private investments in economically distressed communities throughout Kansas City. The organization also has deployed nearly $7 million in debt financing with microloans up to $50,000.
To learn more about the organization, click here. AltCap’s new coverage area is depicted below.
2018 Startups to Watch
stats here
Related Posts on Startland News
PHKC earns more state funding for 811 Retail Incubator; MTC boosting small biz
Another round of financial support from the Missouri Technology Corporation proves state economic development leaders understand that innovation also runs along main street, said Dan Smith. The Porter House KC — which just opened its 811 Retail Incubator in late July — is among seven entities just awarded a total of $1.8 million in Physical Infrastructure…
MTC just awarded $2.6M in investments; three KC tech startups earn state backing
As Advoteck works to bring its app to market later this year, an equity investment from the Missouri Technology Corporation is expected to help the Kansas City-based startup expand its reach nationwide in the fight against cyber crime. MTC on Tuesday announced $2.6 million in investments across seven Missouri companies — primarily focused on fostering…
KC Chamber, businesses: We won’t back down from DEI initiatives; city’s top diversity advocates honored
LeAna Flores knows those three little letters — DEI — can trigger a lot of people these days, she said. “For me, as a DEI (Diversity, Equity and Inclusion) practitioner, I live and breathe by this quote — especially in the climate that we have right now — ‘They tried to bury us, but they…
‘We are each other’s bootstraps’: Pay-It-Forward cafe says pressure to serve neighbors is back
The reopening of Thelma’s Kitchen — a pay-it-forward restaurant on Troost Avenue — not only flips the menu on the “soup kitchen” concept, but serves as an anchor of compassionate, community-focused care in the face of neighborhood gentrification, said Father Justin Mathews. “We view what we’re doing here as kind of like urban acupressure,” said…