The Augusta Entrepreneurship Community loan program was created through the Kansas Center for Entrepreneurship Tax Credit Program and applied for by Augusta Progress Inc with designation being awarded in 2007. The Augusta Entrepreneurship Community loan program was created through the Kansas Center for Entrepreneurship Tax Credit Program and Network Kansas. The program is administered by Augusta Progress Inc and the Augusta Chamber of Commerce for any businesses located in Augusta.
The purpose of the E-Community program is to provide low interest loans to entrepreneurs wishing to start, purchase or expand a business in Augusta. The loans are to be used in partnership with a financial institution and/or a Network Kansas partner as the “final piece” to complete the puzzle or “fill the gap” of financing a business start-up or expansion.
The program allows financial institutions to be the 40% loan partner with the E-Community Loan. The minimum loan amount is $3,000 and the maximum is $45,000.
Capital needed $20,000.00
Bank Loan -40% ($8,000.00)
E-Community – 60% $12,000.00
To utilize the maximum 60% available from the E-Community Loan Fund there is a 40% match required from either a bank or a Network Kansas Fund Partner (Small Business Administration Loan, USDA, Main Street, South Central Kansas Economic Development Division (SCKEDD).
Goals of the E-Community Partnership
- Grow a flourishing, sustainable entrepreneurial environment supportive of business startups and expansions
- Engage and/or develop entrepreneurial resources to meet identified community and business needs
- Create a revolving loan fund to provide matching loans to entrepreneurs and small businesses with local control of decisions and terms
- Forge a community vision centered around entrepreneurship as a tool for economic development
Components of an E-Community
A NetWork Kansas E-Community has made a decision to proactively pursue entrepreneurship as an economic development strategy. The following components are present in all 60 E-Communities:
- Local leadership teams, committed to meeting regularly to provide the overall direction and leadership for the E-Community and to discuss ways to create a flourishing environment
- Local financial review board, tasked with acting as the loan committee for E-Community loan applications
- Locally-controlled revolving loan fund
- Active engagement with local sources of public and private funding
- Access to a statewide network of over 500 partners, focusing on connecting entrepreneurs and small business owners to the education, expertise and economic resources they need
- Access to entrepreneurship programming designed to benefit different types of businesses
- A marketing fund to support the development and/or implementation of special projects and initiatives