Kansas City small businesses that need financial assistance during the COVID-19 stay-at-home order can now apply for a Kansas City Small Business Emergency Relief Fund.
Kansas City City Council passed the $500,000 relief fund Thursday, March 26, the same day the 2020-2021 budget was approved.
“Ever since we issued our first order on March 12, we have had a lot of businesses that said what about making sure that we can survive and making sure that, in Kansas City, a small business has a chance to weather this crisis,” said Mayor Lucas. “The goal is to just get businesses at the smaller business level to receive some funding that’s a stop gap to help them survive.”
To qualify for the loan, businesses must have 20 employees or less or have made $750,000 or less in revenue last year. There is also a cap of $25,000 in available funds per business and the loan will be interest-free for the first six to twelve months
Those interested in applying can visit alt-cap.org to fill out an application. Once the business provides an application and necessary supporting documents, AltCap President Ruben Alonso III said the goal is to get the funds in the hands of small business owners within 72 hours.
“We recognize that not only will the crisis impact them now, next month, but perhaps there are some businesses that may not have the chance to open again if they can’t get good cash flow,” said Mayor Lucas. “That’s why we have acted with the level of swiftness that you rarely see in government, local, state, or federal. We are proud to work with [AltCap] in this effort. Kansas City has stepped up and said we think it is important to make sure that businesses can survive at this time.”
For more information, visit AltCap at www.alt-cap.org or call KC Source Link at 816-235-6500.