The “e” in “E-Community” stands for entrepreneurship and the Economic Development Commission is ready to do the same. The EDC has announced the program is ready to help local business owners and aspiring business owners.
E-Community is a program with Network Kansas, which promotes entrepreneurship in the state.
Geary County officially became part of it in November of last year when the EDC began selling tax credits to fund this project.
According to Graham Foust, the committee dedicated to the management of the small business loans constituting E-Community is still moving forward.
The E-Community funds had been tied up after the committee dedicated to managing them hit a stalemate while trying to determine an appropriate interest rate.
Every application is evaluated individually.
However, Foust said “for the first two years we’re going to offer probably a 0 percent interest rate.”
After that, officials intend to base their interest rates on the New York Prime rate. Currently, this is 3.5 percent.
Applicants are required to already have bank financing and loans are limited in size to $45,000.
“We will not go any larger than 40 percent of the project,” Foust said.
Loans can be given in conjunction with ones from the revolving loan fund, another service the EDC provides.
Applications can be obtained on the Junction City Area Chamber of Commerce’s website.