E-Communities receive $900,000 in tax credits
Published on -2/3/2012, 10:22 AM
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By JUDY SHERARD
Two northwest Kansas counties, Phillips and Norton, were among the 12 Entrepreneurship (E-) Communities awarded a combined total of $900,000 in tax credits, enabling them to raise $1.2 million to be loaned to local businesses in the communities.
Phillips County raised $100,000 and helped three businesses in 2011, said Jeff Hofaker, Phillips County Economic Development director.
One of those was a new business, a restaurant, that created nine jobs, and two established businesses retained 11 jobs.
"It's a great program, a well-needed program for rural areas," Hofaker said.
Norton County raised $166,667 for its program.
"We received great support from the community when raising donations through these tax credits," Scott Sproul, executive director of the Norton City/County Economic Development, said in a news release.
Now in its fifth year, the program has grown from six communities to 30 and raised more than $5.9 million total for loan funds.
Those funds are estimated to generate more than $34.9 million of investment in rural businesses throughout Kansas.
Kansas entrepreneurs who aren't located in one of NetWork Kansas' 30 E-Communities might be eligible to apply for low-interest loans through the statewide StartUp Kansas loan program, also funded through the Kansas Entrepreneurship Tax Credit.
Of the businesses awarded NetWork Kansas funding, 58 percent are in communities with fewer than 5,000 residents.
The NetWork Kansas E-Community and StartUp Kansas programs combined have stimulated the creation or retention of more than 1,200 Kansas jobs, according to a news release.
For more information about the E-Community Partnership, contact Erik Pedersen, director, at (316) 978-7310 or email epedersen@networkkansas.com.
