AltCap, the Kansas City, Mo.-based community development financial institution that supports new business development and capital investments in distressed communities, is expanding further into the metro area.
Previously serving Jackson, Cass, Clay and Platte counties in Missouri, AltCap’s reach will now include Leavenworth, Wyandotte and Johnson counties in Kansas.
“We look forward to welcoming AltCap to Kansas City, Kansas,” said David Alvey, mayor and CEO of the Unified Government of Wyandotte County and Kansas City, Kan. “Small businesses and entrepreneurs are the heart of our economy, and with AltCap’s support, we hope to strengthen and diversify our entrepreneurial ecosystem in a way that promotes thriving, economically empowered communities.”
AltCap provides financial products and business development support to those who are underserved by traditional banks and other institutions. The loan fund lends to small business owners, nonprofit social service providers and catalytic real estate development projects.
As a certified CDFI, AltCap allocated funds through the New Markets Tax Credits, a public-private investment program created in 2000 by Congress. So far, AltCap has deployed $159.5 million in NMTCs, including a $55 million allocation earlier this year.
In addition, the mission-driven, minority-controlled institution also is a Small Business Administration Microloan Intermediary and, to date, has lent out $7 million in microloans to those in its coverage area.
AltCap’s president Ruben Alonso III said the institution looks forward to furthering its mission throughout the Kansas City metro area.
“At AltCap, we believe that access to capital is fundamental to an inclusive, sustainable and thriving economy,” Alonso said. “That’s why we focus our efforts on capital-starved small businesses and communities that historically have had challenges accessing capital or have been overlooked by traditional financial institutions.”
Those interested in applying for a loan or partnering with AltCap, visit Alt-Cap.org.
