Background & Eligible Projects
The Greeley County E-Communities program was created through a Kansas Center for Entrepreneurship Tax Credit Program in 2009. It is a project of the Greeley County Community Development office to develop entrepreneurial activity in Unified Greeley County, including the cities of Horace and Tribune.
Eligible projects include startup businesses, business transfers of ownership, or existing business expansions. Low interest loans and grants will be offered through the fund. Grants will only be considered for applications scoring highly on the attached rubric ad will require a 3 to 1 match of funds. Loans with a low interest rate are, by far, the most common funding tool.
How the E-Community Fund Works
Let’s assume an applicant needs a total of $100,000 to do their project. We will also assume that he/she has $10,000 of his own capital and the bank will loan him $40,000. Of the remaining $50,000, the E-Community can do no more than $30,000 and will need $20,000 from a match partner. Matching partners include Great Plains Development (including the Greeley County Micro-loan Fund) and the Greeley County Revolving Loan Fund. Members of the E-Community team can help entrepreneurs and small business owners locate and work with those partners to provide the matching amount.
Application Details
Applicants are required to complete the attached application in full. Applicants are also encouraged to consider including the following documents:
- A complete business plan
- Financial reports and/or a bank financial application
- Resumes and references for owners in the business
- Employment and investment projections
Greeley County E-Communities Entrepreneur Application
Applicants requiring assistance completing the application or in supplying a recommended attachments are encouraged to contact the Greeley County Community Development office.
Greeley County Community Development
John Kennedy, Director
510 Broadway, P.O. Box 656
Tribune, KS 67879
Phone: (620) 376-2548
Fax: (620) 376-2549
Application Review & Interview
Applications will be reviewed and scored by the Financial Advisory Board. A formal interview will be arranged with the applicant. Applicants should expect specific questions pertaining to the following criteria:
- Applicant’s need for funding and planned uses of funds
- Projected sales and employment
- Additional funding from personal investment as well as public and private sources
- Local support of the project through cooperation of organizations and community leaders
- Involvement of Network Kansas resource partners in the project
- Description of how the funds will add resources, add jobs, increase tax revenue, and/or the community benefits of the project.
Review Criteria & Process
The Greeley County E-Communities Financial Advisory Board is charged with making decisions in regards applications and funding. The board will review complete applications (as determined by Greeley County Community Development, the local managing agency), and then schedule a follow-up interview with the applicants who have received preliminary approval. The criteria below will be used to rate the application and should be used as a guide when preparing applications to the E-Communities Fund.
|
Criteria |
Strength (1 – 5) |
Weight (% of total) |
Weighted Score |
| Potential Economic Impact (job creation, investment, etc.) |
25 |
||
| Owner/Operator Experience & Business Plan |
20 |
||
| Financial Soundness |
20 |
||
| Owner/Third Party Funding |
15 |
||
| Future Prospects for Growth |
10 |
||
| Quality of Life Impact |
10 |
||
|
Total: |
100% |
Applications approved for funding will be processed by the Greeley County Community Development Office. GCCD will notify the applicant and collect any additional information that is required. They will then forward the application with a check request to the Kansas Center for Entrepreneurship.
Applicants who have been denied funding will be provided a list of comments and recommendations that can be addressed. Revised applications may be submitted to the review board after 30 days from the initial presentation of the application.
Greeley County Community Development provide administrative support to the Greeley County E-Communities Program and will supply Network Kansas a list of approved businesses, loan and/or grant amounts, as well as the application and criteria used in the approval process. Initial information about the business will also be provided. Per requirement by the E-Communities program, information regarding all businesses that access E-Communities Fund will be tracked using the Network Kansas Business Trakker software database. Semi-annual follow-up can be expected by a Network Kansas Counselor.
The Greeley County E-Communities Financial Advisory Board will meet in the evenings on the second Wednesday of every month at the Greeley County Community Development office and as needed.
NetWork Kansas E-Community Summary
A NetWork Kansas Entrepreneurship Community has made a commitment to cultivating an entrepreneurial environment by identifying and developing resources to help local entrepreneurs start or grow businesses. An E-Community has a locally-controlled loan fund to assist entrepreneurs with capital and connectivity to resources to assist entrepreneurs and small businesses.
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