HOISINGTON — Hoisington Main Street Inc. was awarded $45,000 through the StartUp Kansas program from Network Kansas. StartUp Kansas, launched in August of 2006, which provides funding for startups and expansions of existing businesses in rural and distressed Kansas communities in the form of matching grants and unsecured loans.
HMSI applied to StartUp Kansas for funding to match the Incentive Without Walls loan of $20,000 and HMSI Revolving Fund loan of $10,000 that were provided to Kindscher’s Mule Barn. StartUp Kansas awarded HMSI $45,000 that will also be loaned to Kindscher’s Mule Barn. This three-part, $75,000, financing package has been instrumental in assisting Kindscher’s Mule Barn with its start up expenses. The loans are for 0 percent to 1 percent interest and paid back over five to seven years.
StartUp Kansas awards the funding based on two primary factors. First, the business must show it has the potential to be an economic driver. This is a business the committee thinks that if successful, it has the ability to grow and create additional jobs. Second, the business provides a community benefit. It provides a benefit that the community perceives as either a necessity or enhances the community in another way. (Service businesses, restaurants, local newspapers, etc.) In these cases, the community benefit is weighted more heavily than job creation.
A Network Kansas partner must apply through a competitive process on behalf of the entrepreneur for the funding. The partner must provide 40 percent matching funds and administer the loans. Hoisington Main Street Inc. focuses on the revitalization of the Main Street business district. Any entrepreneur interested in establishing or expanding its businesses located in the business district are eligible for these low interest loans. In addition, building owners located within the area between Third St. and Railroad Ave and between Walnut and Green St. are eligible for low interest loans to maintain and renovate their buildings for businesses or second floor housing. Interested individuals should contact HMSI at 620-653-2208 to visit with Jean Brinlee, executive director. The office is located at 252 S. Main and open 9 a.m. – 3 p.m. Mon –Friday. Closed Wednesday.