AltCap COVID-19 relief fund set to reopen May 27; nears $2M in loans already awarded
May 22, 2020 | Startland News Staff
Editor’s note: The following is part of Startland News’ ongoing coverage of the impact of Coronavirus (COVID-19) on Kansas City’s entrepreneur community, as well as how innovation is helping to drive a new normal in the ecosystem. Click here to follow related stories as they develop.
AltCap is reopening access to a growing pot of rescue dollars May 27, extending community relief for small businesses hit hard by COVID-19.
“It is clear that continued access to flexible, patient capital is critical to the recovery of our small businesses and our region’s economy,” the organization said Thursday in a release.
Nearly $2 million has already been approved for 70 Kansas City businesses in the form of $50,000 loans through the AltCap-backed KC Region Small Business Relief + Recovery Loan Fund.
“We were booked two months in advance for shoots, and all but one shoot was canceled,” said AltCap borrowers Jasmine and Amber Baudler of Stellar Image Studios, discussing the impact of COVID-19 and the AltCap relief fund on their small business. “So this really affected our revenue stream, our confidence, and to be honest, our livelihood.”
Click here for more details on the rollout of the local COVID-19 small business relief loan fund, which is backed by a public-private partnership including the Ewing Marion Kauffman Foundation, civic organizations, and individuals.
“Many small businesses are now faced with additional capital expenses to ensure a safe reopening on top of the existing expenses they are trying to cover,” AltCap said.
“Many of [needs] are not being adequately addressed by other relief programs.”
The loans offer entrepreneurs short term support with no interest or minimum credit score needed and deferred payments for up to twelve months, the financial organization said.
Businesses preparing to apply for the latest round of support are encouraged to prepare required documentation, identify document and financing needs, and options for collateral — which will follow more flexible standards than usual, AltCap said.
The first round of AltCap aid saw $30 million in requests for its $5 million fund within 72 hours.
Click here to read more about the first round of relief issued.
If a small business is in immediate need of capital, AltCap urges entrepreneurs to consider applying for an AltCap Paycheck Protection Program (PPP) loan.
This story is possible thanks to support from the Ewing Marion Kauffman Foundation, a private, nonpartisan foundation that works together with communities in education and entrepreneurship to create uncommon solutions and empower people to shape their futures and be successful.
For more information, visit www.kauffman.org and connect at www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn
Featured Business
2020 Startups to Watch
stats here
Related Posts on Startland News
KC’s first Hispanic beer company craft-brews conversations beyond stereotypes
Defining his own cultural identity has been a lifelong struggle for Damon Arredondo, the longtime brewer said. Coming from a mixed-cultural background, Arredondo often felt as if there was “a checklist” that decided whether or not he was able to identify with his heritage, he shared. “Only recently in the last five year have I…
Veteran entrepreneur finds security in pizza, opening new Rosati’s in south Overland Park
Bob Ring sold his homegrown company of 25 years — then got a job delivering pizzas. All part of the recipe for the longtime Kansas City businessman who — despite his decades of experience — initially found banks hesitant to lend to him during the pandemic as he worked to open his own pizzeria in…
Camel Culture tastes like home: How a Missouri dairy’s milk fills a void when everything else seems foreign
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. This series is possible thanks to the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. MILLER,…
Fund Me, KC: Her startup has outgrown its puppy phase; now’s your chance to feed its potential
Startland News is continuing its “Fund Me, KC” series to highlight area entrepreneurs’ efforts to accelerate their businesses or lend a helping hand to others. This is an opportunity for business owners and innovators — like Jonaie Johnson’s effort to publicly launch the highly-anticipated PlayTach smart dog crate attachment by Interplay — to share their…