On August 1, the PROPEL (Providing Resources & Opportunities for Proprietors, Entrepreneurs & Lenders) Small Business Loan Fund will begin accepting applications from small business owners throughout Wichita on an ongoing basis.
The low-interest, short-term revolving loan program launched in the spring of 2021 and was originally designed to make access to capital more readily available to minority-owned and women-owned firms in Wichita City Council District 1. Community Development Block Grant (CDBG) funding, along with a generous contribution from INTRUST Bank in the spring of 2022, enabled the PROPEL fund to extend participation to business owners citywide during the second round. Moving forward, PROPEL applications must be submitted by the 30th of each month to be considered for the following month.
Business owners must meet a set of eligibility criteria and must apply for the program. There are also requirements that establish how the funds may be spent. Business owners who qualify and are approved can receive up to $20,000 in loan funds at a 3% interest rate. Loans must be repaid within 36 months.
CML Collective, a minority-owned firm with experience creating and managing microloan programs, partnered with the City to help develop PROPEL. Other PROPEL partners include INTRUST Bank, Network Kansas, Fidelity Bank, the Wichita Community Foundation, the South Central Kansas Economic Development District, the Federal Reserve Bank of Kansas and others.
More information can be found at wichita.gov/propel.