About 180 small businesses in Kansas City, Missouri, would be eligible for SBA “micro-loans” averaging $10,000 each under a plan approved by a city council committee on Wednesday.
Economic Development chair Scott Taylor says the first phase of the program has already loaned out $2.3 million.
Taylor says almost 53 percent of the loans have been to businesses east of Troost and the repayment rate has been a high 95 percent.
Recipients of the first batch of loans have included a variety of businesses, including restaurants, daycare centers and a wide assortment of family-owned small businesses.
Taylor says $600,000 of the next group of loans are targeted for veterans and $400,000 for local artists.
The city puts up 10 percent of the money. In this case it represents $180,000 in surplus funds from existing development projects.
The rest comes through a Small Business Association program.
The plan now advances to the full City Council for a final vote and is expected to pass.
Steve Bell is afternoon news anchor and business news reporter for KCUR. He may be reached at 816-235-5173 or by e-mail as email@example.com