New grant essentially doubles capacity of local microlending effort.

Another $1 million will soon be available for microloans to small businesses in the Kansas City region.

Thanks to KCSourceLink and other groups, the Initiative for a Competitive Inner City has awarded a $150,000 grant to the local microloan program overseen by Justine PETERSEN. That grant will be leveraged to raise approximately $1 million for microloans.

The loans can range in size from $500 to $50,000, but most tend to be for $8,000 on average. Microloans are often crucial for small businesses that are starting out and might not be considered “bankable.” The money can be used for inventory, working capital or equipment—but not salaries or real estate.

This new money is on top of the region’s existing microloan program. The Justine PETERSEN-managed Kansas City Regional Loan Fund has helped arrange 126 loans worth $1.03 million as of Sept. 30.

The $150,000 grant is part of the Urban Business Growth Initiative, a program that wants to encourage low- and moderate-income people who live in the urban core and want to start or grow their own businesses. The coalition includes the UMKC Small Business and Technology Development Center, the Women’s Business Center, the Missouri Procurement Technical Assistance Center, the City of Kansas City, Mo., and the Justine PETERSEN microloan program.

“This initiative is a perfect example of collective impact, with strong organizations bringing their very best deliverables to the table,” said Sherry Turner, founder of OneKC for Women. “We can provide a more comprehensive approach to serving the client as they jump the hurdles of business ownership.”

The groups plan to offer more than microloans—they’ll also be offering classes and business counseling at 18th and Vine, 9th and Main, and 4747 Troost.

Upcoming workshops include:

» Winning Government Contracts:
The First Steps, Nov. 7, Jan.9, OR March 6, free, at 4747 Troost Ave, in Kansas City, MO.
» Manage Your Financials – Don’t Let Them Manage You, Nov. 13 OR Feb. 26, free, at 4747 Troost Ave. in Kansas City, Mo.
» FastTrac NewVenture, begins Jan. 14, $75, at 4747 Troost.