Wichita’s PROPEL Revolving Loan Program Launches May 24
WICHITA, Kan. (KWCH) - The City of Wichita has created a fund directed at providing micro-loans to women and minority-owned businesses in District 1. PROPEL (Providing Resources & Opportunities for Proprietors, Entrepreneurs & Lenders) is a low-interest, short-term revolving loan program. PROPEL will open for applications on Monday, May 24.
Vice Mayor Brandon Johnson developed the fund by using a portion of Wichita City Council District 1′s proceeds from the sale of the Hyatt hotel. The City will also seek contributions to help grow the fund.
“I’ve heard from several businesses over the years that just needed $5,000, $3,000 or maybe $10,000 to help out,” Vice Mayor Brandon Johnson said. “This type of funding opportunity helps to fill those gaps to make sure that they can access the American dream.”
Business owners in District 1 must meet a set of eligibility criteria to 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 $15,000 in loan funds at a 3% interest rate. Loans must be repaid within 36 months.
CML Collective, a minority-owned firm with experience creating and managing microloan programs, partnered with the city to help develop PROPEL. Other PROPEL partners include Network Kansas, Fidelity Bank, the Community Foundation, the South Central Kansas Economic Development district, the Federal Reserve Bank of Kansas and others.
More information will be posted at wichita.gov/propel on May 24.
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