NetWork Kansas Funding Opportunites
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1 NetWork Kansas Funding Opportunites Rural Grocery Summit III June 5-6, 2012 John Gendron Senior Product Manager, Expertise
2 NetWork Kansas A Connecting Point for Entrepreneurs & Small Business Expertise Economic Resources Educational Resources IDEA NetWork Kansas
3 NetWork Kansas A Service of the Kansas Center for Entrepreneurship Principle Outcome/Our Priorities: Establish an organization to accomplish the following: Serve as a central portal to help connect entrepreneurs with public sector businessbuilding organizations Increase availability of capital in rural and distressed urban areas Assist regional and community organizations in providing seed funding for entrepreneurs Promote business startups and expansions NetWork Kansas
4 NetWork Kansas Current Initiatives Referral Center Central portal of resources for entrepreneurs StartUp Kansas Statewide supplemental capital source that matches public capital E-Community A partnership that creates a local fund very similar to StartUp KS Economic Gardening Pilot Technical assistance/custom data for 2 nd stage businesses Kansas Capital Multiplier Funds Matching funds that leverage private capital NetWork Kansas
5 NetWork Kansas A Service of the Kansas Center for Entrepreneurship Entrepreneur/Small Business Owner 1 Statewide Network Central Portal Listen and Learn 2 Connect client with the right resource partner 4 Research, make calls to resource partners 3 Follow client through the network 5 NetWork Kansas
6 NetWork Kansas Referral Center ,145 interactions with 2,047 businesses ,339 interactions with 2,210 businesses Since launch in March 2006, 36,033 interactions with 7,367 businesses.
7 StartUp Kansas StartUp Kansas Launched August 2006 as a statewide supplemental capital source Statutory requirements (for-profit, rural or distressed urban, matching funds) Funding partners: CDC s, RLF(Revolving Loan Funds), Microloans, Kansas Main Street, Value- Added Loans, Community Foundations Example: Entrepreneur-$10K; Bank-$70K; Need $20K (minimum of 40% [or $8K] from partner) $3.75M funded to 144 businesses NetWork Kansas
8 StartUp Kansas Business Profiles Kelly's Corner Grocery, LLC (retail-spearville): $45,000. ($410,000) Airosol Company, Inc.(mfg- Neodesha): $45,000, ($540,000) Pawnee Valley Lodge, LLC (service-jetmore): $45,000 ($397,000) Spectra Composites (mfg- Columbus): $45,000 ($1,571,134) Tallgrass Veterinary Hospital (service-concordia): $45,000 ($481,900)
9 Entrepreneurship (E-) Community Communities should focus on helping startups and existing businesses: the recruitment economic development mentality (rural communities) must change Developing the infrastructure to start new businesses and support existing businesses should be priority one of any rural development strategy Infrastructure doesn t mean buildings; it means: expertise (talent), education (knowledge), and economic resources (capital)
10 Entrepreneurship (E-) Community Each Community Must Be A Mini NetWork Kansas Expertise: Local business coach (SBDCs, Enterprise Facilitation, others) Education: Who offers what seminars (Community colleges, universities, SBDC, etc.) Economics: Funding partners, decision-making at the local level, expanding capital across rural counties Benchmark it: Track all businesses connected to resources
11 Entrepreneurship (E-) Community Empowering Communities to Create an Entrepreneurial Environment A partnership between NetWork Kansas and rural communities that creates a local loan fund (modeled after StartUp Kansas program) E-Community leadership team develops vision Local finance review board approves loans and/or grants 24 E-Communities (City, Multiple Cities, County) have $3.14M funds available Just selected 6 new E-Communities in 2011 $1.67M in loans and $56K in grants to 77 businesses
12 Entrepreneurship (E-) Community Anderson County Cowley County Great Bend Rawlins County Sterling/Alden Thomas County Augusta Bird City Chase County Kiowa County Linn County Marion Finney County Greeley County Hillsboro Inman Osage County Pottawatomie County Salina Scott County Coffeyville Ford County McPherson County Phillips County Chautauqua County Douglas County Hoisington Leavenworth Norton County Stafford County
13 NetWork Kansas Kansas Capital Multiplier Funds Kansas award announced June 2011 $10.5 million for the Kansas Capital Multiplier Loan Fund $2.6 million for the Kansas Capital Multiplier Venture Fund Loan and Venture Funds administered by NetWork Kansas in partnership with KDOC A project with more than $278K of private investment would qualify NetWork Kansas
14 NETWORK KANSAS John Gendron
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