WICHITA, Kan. (KSNW) — The applying course of continues for Wichita District 1’s PROPEL program, a low-interest, short-term microloan program for minority and women-owned companies within the Wichita’s district one.
At the moment, this system is utilizing leftover funds from district one’s proceeds they obtained when the city-owned Hyatt lodge offered. However, Metropolis Councilmember for District 1, Brandon Johnson, hopes this program can develop quickly within the subsequent couple of years.
One enterprise proprietor, Hannah Thompson, hopes it might assist her get her images enterprise off the bottom.
“My purpose is to have this up and working like subsequent month,” Thompson defined. “We undoubtedly can do it, simply if we had just a little assist.”
For that assist, she utilized for the PROPEL microloan program.
Christina Lengthy, the proprietor of CML Collective and one of many individuals spearheading this program, explains what makes Thompson’s and different’s companies totally different.
“These are companies that historically don’t obtain any sort of funding consideration,” mentioned Thompson. “So after we’re in a position so as to add one other software within the toolbox for entrepreneurs, it’s all the time factor.”
Councilman Johnson says beginning off this system solely has $88,000 from the Hyatt Resort sale to assist District one companies. He hopes to develop that quantity within the coming years.
“I wouldn’t be shocked very quickly that that fund, the entire purposes, have mainly taken up that cash,” mentioned Johnson. “So my hope is that we will increase that to over $1-million within the subsequent yr or two.”
Purposes are nonetheless being accepted for this system. If your business is in District One and you would like to apply, click here.