Sen. Marshall Announces $800,000 in Small Business Investment
(Washington, D.C., March 5, 2021) – U.S. Senator Roger Marshall, M.D., announced today $800,000 from the U.S. Economic Development Administration to the Kansas Center for Entrepreneurship to help address the impacts of the COVID-19 pandemic on small business in rural Kansas communities. With this funding, the Kansas Center for Entrepreneurship will establish a revolving loan fund to provide capital for new, existing, and expanding businesses across 15 Kansas counties. The funds will leverage about $5.8 million in private investments to save 40 jobs and create up to 30 new jobs.
“Small businesses are vital to the health and wellbeing of our rural communities, providing new opportunities for economic growth, development, and job creation,” said Senator Marshall. “Access to capital was a challenge for many small businesses before the pandemic, and I applaud the Kansas Center for Entrepreneurship’s efforts to address this need and help Main Street businesses remain open.”
The CARES Act provided $1.5 billion to the EDA to support economic development assistance to businesses and communities to prevent, prepare for and respond to COVID-19. The counties of Clay, Douglas, Franklin, Jackson, Leavenworth, Lyon, Marshall, Miami, Morris, Nemaha, Osage, Pottawatomie, Shawnee and Wabaunsee will have the ability to establish a revolving loan fund to help address the financial needs of existing and new small businesses.