Northern Montgomery County Named as a NetWork Kansas 2012 Entrepreneurship (E-) Community
Tuesday, October 30, 2012
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Posted by: Kristina Moy
For Immediate
Release Contact:
Anne Dewvall
316.218.6337 adewvall@networkkansas.com
Northern Montgomery County Named as a
NetWork Kansas 2012 Entrepreneurship (E-) Community; Awarded $75,000 in Tax
Credits to Create Local Loan Fund for Entrepreneurs
Independence,
Kansas, October 29, 2012 --- NetWork Kansas announced today that Northern Montgomery County
was selected as a 2012 Entrepreneurship (E-) Community and has been awarded
$75,000 in tax credits, enabling the Northern Montgomery County E-Community to
raise $100,000 to be loaned to local businesses. Northern Montgomery County
joins a group of thirty-seven other E-Communities.
"In
today's challenging economy, communities need to be vigilant in promoting small
businesses in any way that is available to them. The E-Community program
provides the tools that our small rural communities need to promote the growth
and development of our small businesses. The future of Cherryvale and
Independence is dependent on the development of small businesses, and we look
forward to helping foster this commitment to small business development thanks
to the E-Community Program, and ensuring a strong future for our communities,”
said Trisha Palmer, Interim Director of the Montgomery County Action Council.
The E-Community
partnership, now in its sixth year, has grown from six communities in 2007 to
thirty-eight in 2012. The NetWork Kansas E-Community partnership allows a town,
a cluster of towns, or an entire county to raise seed money for local
entrepreneurs through donations from individuals or businesses within the
community. During the first five years of the E-Community partnership, more
than $6 million have been raised. These funds are estimated to generate more
than $34.1 million of investment in rural businesses across Kansas.
"We are
very pleased to become an E-Community for Northern Montgomery County not only
because of the gap loan pool we'll create, but also to work together with our
partners in Cherryvale to build a stronger entrepreneurial support community,”
said Jim Correll, Executive Vice President, Innovative Business Resource
Center.
Northern
Montgomery County assembled a local leadership team of representatives from
Independence, Cherryvale, and the county to apply for consideration during the
2012 E-Community Competitive Round. The E-Community leadership team includes:
Jim Correll, John Bullard, Tina Cunningham, Trisha Palmer, Micky Webb, Lisa
Wilson, and Liz Moore. The leadership team will determine the strategy and
vision for the E-Community. A separate financial review board will evaluate
prospective loan applications from local businesses.
"Creating
the E-Community loan fund is a wonderful opportunity for Independence.
Promoting small business development and encouraging aspiring entrepreneurs are
great ways for our community to expand and prosper. The funds from this grant
will provide financial opportunities to spur growth in Independence. Just watch
us grow!" said Lisa Wilson, President/CEO, Independence Chamber of
Commerce.
The leadership
team submitted a detailed written application to NetWork Kansas in August
before being chosen as a finalist. An in-person interview was held between
NetWork Kansas and the leadership team this fall that led Director of
E-Communities, Erik Pedersen, and Product Manager, Anne Dewvall, to recommend
to the NetWork Kansas Board of Directors that Northern Montgomery County be
approved as a 2012 E-Community.
"Many of our
partner communities are doinginnovative things tohelp fostera
flourishing entrepreneurial ecosystem," said NetWork Kansas Director of
E-Communities Erik Pedersen, "They have worked to define a process for
connecting startup businesses with resources,and toprovide
specialty assistance that canfacilitate business expansions as well as
creating this important gap financing component."
Northern
Montgomery County has until mid-December to raise donations in exchange for the
tax credits it has been awarded. Interested donors should contact Jim Correll
about tax credit availability. The tax credits are valued at 75% of donations
and offset state income tax liabilities for individuals or businesses.
These funds will
then be available beginning in January 2013 to be awarded to local businesses
as matching loans. The establishment of the E-Community loan fund represents a
significant accomplishment for Northern Montgomery County and is the result of
ongoing collaboration between area banks and entrepreneurs. In addition to the
establishment of the E-Community loan fund, Northern Montgomery County will
also complete a series of strategic activities during 2013 designed to enhance
the effectiveness of the entrepreneurial ecosystem in order to drive long-term
economic growth.
Seven other
communities were also named as 2012 E-Communities in addition to Northern
Montgomery County. The following communities were granted a collective total of
$675,000 in tax credits, enabling them to raise $900,000 to be loaned to local
businesses in their community. The 2012 E-Communities are: Ellis County,
Humboldt, Liberal, Montgomery County, Reno County, Sherman County, Wabaunsee
County, and Wichita County.
Since 2007,
NetWork Kansas E-Communities have loaned or granted $2.1 million to businesses
in their communities through this funding source and leveraged an additional
$11.9 million dollars, for a total investment of $14 million dollars into
businesses in E-Communities. This funding has spurred the creation or retention
of nearly 551 jobs in these same communities and has immeasurable positive
effects on the entrepreneurial ecosystems of these participating areas.
To learn more
about the Northern Montgomery County E-Community, Contact: Jim Correll,
Executive Vice-President, Innovative Business Research Center 620.332.5470 jcorrell@indycc.edu
To learn more
about the E-Community Partnership, Contact: Erik Pedersen,
Director of E-Communities 316.978.7310 epedersen@networkkansas.com
About NetWork
Kansas: NetWork Kansas
was established as a component of the Kansas Economic Growth Act of 2004 to
further entrepreneurship and small business growth as a priority for economic
and community development in the State of Kansas. Backed by more than 500
partners statewide, the NetWork Kansas service promotes an entrepreneurial
environment by connecting entrepreneurs and small business owners with the
expertise, education and economic resources they need in order to succeed. For
more information about NetWork Kansas, visit www.networkkansas.com,
or call 877.521.8600.
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