The City of Wichita announced the second round of the PROPEL (Providing Resources & Opportunities for Proprietors, Entrepreneurs & Lenders) Small Business Loan Fund today.
The low-interest, short-term revolving loan program was developed to make access to capital more readily available to minority-owned and women-owned firms and businesses located in Wichita City Council District 1.
Funding of $220,000 in Community Development Block Grant (CDBG) money has been allocated to the revolving loan fund, along with a generous contribution from INTRUST Bank, to enable the PROPEL fund to extend participation to business owners throughout Wichita on an ongoing basis. The next round of PROPEL funding will accept applications now through Friday, March 18, 2022.
Business owners must meet a set of eligibility criteria and must apply for the program. There are also requirements that establish how the funds may be spent. Business owners who qualify and are approved can receive up to $20 thousand dollars in loan funds at a 3% interest rate.
Loans must be repaid within 36 months.
More information can be found at wichita.gov/propel.
