WICHITA, Kan. (KSNW) – A Wichita fund that provides money to nontraditional small businesses has announced it is accepting applications.
PROPEL, which stands for Providing Resources and Opportunities for Owners, Entrepreneurs and Lenders, provides up to $20,000 to businesses that have the ability to repay a loan, but may have difficulty obtaining a loan through of the traditional process.
The fund is set up by the City of Wichita, and applications can be found by going to their website. They will be accepting applications until March 18.
According to the city’s website, PROPEL’s objectives are to:
- Encourage business ownership and self-employment as a means of economic self-sufficiency for low- and middle-income people.
- Bridging the gap for businesses that could potentially benefit from bank financing and helping prepare businesses for traditional banking relationships.
- Stimulate job creation and retention for low- and middle-income residents of the community who are employed by participating small businesses.
- Promote entrepreneurship and business innovation as a way to harness the creative potential of small businesses and invest in the economic success of the community.
To see if your business qualifies for a PROPEL loan and to submit an application, you can visit their website by clicking here.