AltCap reopens COVID-19 relief program for KC area small businesses
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As some small businesses continue to struggle from the pandemic, a local lender is providing a lifeline. AltCap, a Kansas City-based Community Development Financial Institution, is reopening its COVID-19 small business relief program with nearly a million dollars up for grabs. When the pandemic started, AltCap put together a $5 million KC Region Small Business Relief and Recovery Loan Fund to help local businesses that were struggling. “In that first maybe three-week span, we got 700 intake forms from businesses across the metro,” said Justin Ikerionwu, a business development officer at AltCap. Now it’s reopening the program to address persisting pandemic challenges. Ian Davis is happy to be back in the West Bottoms after the pandemic forced his business Blip Roasters to close for 6 months. “That decision ended up costing us both of the locations that we had down here in the West Bottoms and over on Troost,” he said. They’ve now reopened in a new spot, largely thanks to funding from AltCap. “It’s money that you can use in a lot of different ways,” Davis said. “Maintain your payroll, you know, keep your business going.” With about a million dollars left in their COVID-19 relief loan fund, AltCap is reopening the program offering loans up to $50,000. “It’s a three-year loan where the first year is 0%, the second year is 2% and the third year is 4.5%,” Ikerionwu said. Payments can be deferred for up to 6 months. The pandemic has proven AltCap provides more than just money. “It seemed like a lot of these instances we were not only the financers but we were the friends, and, in some cases, therapists,” said Ikerionwu, “Just talking through the real-life situations for people in a really uncertain time.” Davis said having a local lender was key. “It was very difficult to figure out how to navigate things, so to be able to talk to somebody in Kansas City who comes into our business, who met face to face, was super helpful,” he said. For staff at AltCap, helping businesses right here at home is personal. “These are businesses that help to really fuel their local community and… offer jobs to people in the community,” Ikerionwu said. “And just keep things moving forward in Kansas City.” AltCap serves a seven-county area that spans both sides of the state line. Businesses can call AltCap at 816-216-1851 to talk about their options or click here to apply online.
As some small businesses continue to struggle from the pandemic, a local lender is providing a lifeline. AltCap, a Kansas City-based Community Development Financial Institution, is reopening its COVID-19 small business relief program with nearly a million dollars up for grabs.
When the pandemic started, AltCap put together a $5 million KC Region Small Business Relief and Recovery Loan Fund to help local businesses that were struggling.
“In that first maybe three-week span, we got 700 intake forms from businesses across the metro,” said Justin Ikerionwu, a business development officer at AltCap.
Now it’s reopening the program to address persisting pandemic challenges.
Ian Davis is happy to be back in the West Bottoms after the pandemic forced his business Blip Roasters to close for 6 months.
“That decision ended up costing us both of the locations that we had down here in the West Bottoms and over on Troost,” he said.
They’ve now reopened in a new spot, largely thanks to funding from AltCap.
“It’s money that you can use in a lot of different ways,” Davis said. “Maintain your payroll, you know, keep your business going.”
With about a million dollars left in their COVID-19 relief loan fund, AltCap is reopening the program offering loans up to $50,000.
“It’s a three-year loan where the first year is 0%, the second year is 2% and the third year is 4.5%,” Ikerionwu said.
Payments can be deferred for up to 6 months.
The pandemic has proven AltCap provides more than just money.
“It seemed like a lot of these instances we were not only the financers but we were the friends, and, in some cases, therapists,” said Ikerionwu, “Just talking through the real-life situations for people in a really uncertain time.”
Davis said having a local lender was key.
“It was very difficult to figure out how to navigate things, so to be able to talk to somebody in Kansas City who comes into our business, who met face to face, was super helpful,” he said.
For staff at AltCap, helping businesses right here at home is personal.
“These are businesses that help to really fuel their local community and… offer jobs to people in the community,” Ikerionwu said. “And just keep things moving forward in Kansas City.”
AltCap serves a seven-county area that spans both sides of the state line. Businesses can call AltCap at 816-216-1851 to talk about their options or click here to apply online.
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