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Kansas prepares to distribute $69 million in federal small business economic aid

Date:

States expected to leverage lending assistance to spark private investment

TOPEKA — Kansas is in line to receive as much as $69 million in additional federal support for small business development and entrepreneurship through a U.S. Treasury Department program used to support companies through the pandemic.

The American Rescue Plan expanded the State Small Business Credit Initiative, or SSBCI, established in 2010 to assist businesses following the Great Recession from 2007 to 2009. The goal is to improve access to capital in rural and other traditionally underserved communities.

States participating in SSBCI operate under the expectation each would generate business lending at least 10 times the amount of federal aid.

“Treasury will continue working with Kansas to help make sure that this funding is having the maximum impact across the state to promote economic growth,” said Wally Adeyemo, deputy secretary of the federal agency.

The federal legislation provided about $10 billion to states, the District of Columbia, tribal governments and U.S. territories in support of businesses emerging from the COVID-19 pandemic. Treasury officials said Thursday that Kansas was among five states in the latest round of allocations.

Under the federal legislation, Kansas’ neighboring states would receive from $64 million to $104 million to support small businesses. The amounts: Colorado, $104 million; Missouri, $94 million; Oklahoma, $81 million; and Nebraska, $64 million.

The American Rescue Plan narrowly passed the House and Senate in 2021. Kansas House Republicans Tracey Mann, Ron Estes and Jake LaTurner voted against the bill, while House Democrat Sharice Davids support it. In the Senate, Republicans Jerry Moran and Roger Marshall voted “no” on the bill.

Treasury department officials recommended states support industries important to the U.S. economy, including companies involved with manufacturing, supply chains and renewable energy. In addition, the federal agency urged recipients to support businesses providing living-wage jobs.

Kansas Reflector is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Kansas Reflector maintains editorial independence. Contact Editor Sherman Smith for questions: info@kansasreflector.com. Follow Kansas Reflector on Facebook and Twitter.

Derek Nester
Derek Nesterhttps://sunflowerstateradio.com
Derek Nester was born and raised in Blue Rapids and graduated from Valley Heights High School in 2000. He attended Cowley College in Arkansas City and Johnson County Community College in Overland Park studying Journalism & Media Communications. In 2002 Derek joined Taylor Communications, Inc. in Salina, Kansas working in digital media for 550 AM KFRM and 100.9 FM KCLY. Following that stop, he joined Dierking Communications, Inc. stations KNDY AM & FM as a board operator and fill-in sports play-by-play announcer. Starting in 2005 Derek joined the Kansas City Chiefs Radio Network as a Studio Coordinator at 101 The Fox in Kansas City, a role he would serve for 15 years culminating in the Super Bowl LIV Championship game broadcast. In 2021 he moved to Audacy, formerly known as Entercom Communications, Inc. and 106.5 The Wolf and 610 Sports Radio, the new flagship stations of the Kansas City Chiefs Radio Network, the largest radio network in the NFL. Through all of this, Derek continues to serve as the Digital Media Director for Sunflower State Radio, the digital and social media operations of Dierking Communications, Inc. and the 6 radio stations it owns and operates across Kansas.

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