Melissa Beltrame, Marketing Director
Jenny Kincaid Julian, Socialworx PR
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(KANSAS CITY, MO) May 2020 Serving as strong stewards for the community, Lead Bank has expanded its support for small businesses by contributing $25,000 to AltCap's KC Region Small Business Relief + Recovery Loan Fund. AltCap is a Community Development Financial Institution (CDFI) that provides underserved businesses access to capital on both sides of the state line. One-third of Lead Bank's $25,000 loan is earmarked for businesses in Wyandotte County, a community hit very hard by the COVID-19 pandemic.
The AltCap KC Region Small Business Relief + Recovery Loan Fund provides immediate liquidity to businesses with flexible collateral requirements and zero-percent interest for the first six to 12 months. The average loan size is around $25,000. These resources are critical to area businesses directly impacted by the pandemic.
Due to the imminent need of funding for local small businesses, the second round of lending from AltCap will become available this week. AltCap will begin accepting applications for the KC Region Small Business Relief + Recovery Loan Fund on Wednesday, May 27. Other local enterprises and foundations have also contributed to the AltCap Loan Fund, like the Ewing Marion Kauffman Foundation, Marion and Henry Bloch Family Foundation, Port KC, and others. For more information or to apply, visit www.alt-cap.org
"We are committed to working with other groups, including the Greater KC Chamber and the Civic Council of Greater Kansas City, that are leading efforts to find solutions for our community. Small businesses across Missouri and Kansas work tirelessly to serve their neighborhoods and care for their employees. Now, more than ever, we must work together to find ways to support these businesses, especially those unable to get federal relief funding“, says Josh Rowland, CEO and vice-chairman of Lead Bank. "One community severely affected by the pandemic is Wyandotte County. Lead Bank is committed to helping the Kansas City metropolitan area, and by supporting AltCap's relief loan fund, a strong, unified investment, we will be able to confidently add financial support to these small businesses," Josh added.
About Lead Bank
Lead Bank is a community-minded, independent commercial bank, recognized for its innovative approach to community banking and unique banking solutions that allows real people, real businesses, and their communities to thrive. Serving communities with treasury management and lending services, consumer client products, digital consumer banking, and innovative financial technology services, Lead Bank is the first choice for those looking for a future banking partner. Headquartered in Kansas City, Missouri, yet serving clients digitally throughout the United States, Lead Bank is known for being a small business advocate, having outstanding client service, and creating financial pathways to those, who in the past, have been unbankable. 2020 member of the Global Alliance for Banking on Values (GABV), an international network of banking leaders from around the world committed to advancing positive change in the banking sector. For additional information, call (816) 220.8600 or visit http://www.lead.bank/