Due to the extreme, emergency need for businesses, NetWork Kansas is launching a new program called Restart Kansas.
How it works:
Financial institutions, corporations and individual donors can donate up to $133,333 (cash) and receive a 75% state income tax credit of $100,000. 60% of the tax credit received will be allocated to Phillips County for a new loan fund.
$133,333 donation = $100,000 tax credit ($133,333 x 75%). 60% of the donation will go to your county for a loan fund ($133,333 x 60% = $80,000). The donor will receive an instant and direct benefit of the tax credit and an indirect benefit of the local loan fund. Essentially their $133,333 donation will have a $180,000 impact.
How will the generated loan fund work?
Businesses will be able to apply for up to $20,000 in loan funds. The loans will not require matching funds. Notes will carry 2% interest, a term of up to 48 months with a 4 month deferment, and a quick turnaround. Phillips County Economic Development/E-Community will administer all Phillips County loans.
For more information, go to the Restart Kansas Tax Credit pageMore: Latest News Economic Development News