Government and Politics
November 15, 2022
From: Kansas Governor Laura KellyCommerce GROWKS Programs Leverage $4M to Support Small Businesses
TOPEKA – Governor Laura Kelly announced on Nov 15th, the first round of recipients of funding from the GROWKS Loan and Equity programs, which help small businesses, particularly those in underserved areas, access capital in the early stages of growth. In the first round, four companies – three of which are woman-led – received a total of $850,000 in companion financing to bank loans (also known as matching capital).
“The GROWKS Loan and Equity programs break down the barriers entrepreneurs face when trying to start a business,” Governor Laura Kelly said. “My administration is committed to ensuring small businesses – including those in underserved communities – have the opportunity and resources needed to be successful, create jobs, and drive economic growth.”
Earlier this year, Governor Kelly announced the creation of the Kansas Framework for Growth GROWKS Loan Fund and the GROWKS Equity Programs, run through the Kansas Department of Commerce, to distribute $69 million in funding awarded to Kansas through the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI). Together, the two programs represent the most expansive set of small business funding programs ever offered by the State of Kansas.
The programs engage Kansas’ extensive network of community and business support partners through NetWork Kansas to provide companion financing to bank loans. The approved $850,000 has already leveraged more than $4 million in private capital. Ultimately, more than $1 billion in funding will be invested by the private sector over the life of the programs, which can be used for common small business expenses such as inventory, equipment, supplies, and working capital.
“Connecting Kansas small businesses to capital that will help them grow and prosper will strengthen the entire state economy,” Lieutenant Governor and Secretary of Commerce David Toland said. “I am excited to have this first round of GROWKS funding reach the entrepreneurs it is intended to help.”
“The GROWKS program is providing much-needed investment funds to support private investment capital into these innovative businesses,” said Trish Brasted, President of Entrepreneurial Growth Ventures, an organizational unit of NetWork Kansas. “The early-stage capital markets have become more challenging in the last six months, which have increased the importance of this program.”
The first round of GROWKS Loan and Equity programs recipients include:
“Raising capital is one of the greatest challenges that small companies face, and we were thrilled to receive this funding,” said Tammie Wahaus, CEO, ELIAS Animal Health, LLC. “This exciting program comes at a time when the capital markets are tightening, and regional support for local companies is critical.”
For more information about GROWKS, visit www.growks.com.