KC Micro Loan Program Hits $1 Million Milestone

Small business loans administered by the KC Regional Micro Loan Program have reached $1 million.

The local lending milestone was announced by Justine Petersen, the St. Louis-based community development financial institution (CDFI) that manages the program.

Since its inception in January 2012, the KC Regional Micro Loan Program has assisted more than 125 area small businesses in obtaining small loans ranging from several hundred dollars to the microloan cap of $50,000. Such loans can be a difference-maker in determining whether a small business that’s striving to grow can afford to retain or add employees.

“The collaborative effort among the various stakeholders here in KC is a shining example of how public, private and nonprofit partners can achieve tangible progress for the local small business community,” Robert Boyle, the founder and CEO of Justine Petersen, said in a release.

The group of local stakeholders in the KC Regional Micro Loan Program includes the Federal Deposit Insurance Corp., the Federal Reserve Bank of Kansas City and the City of Kansas City, Mo. Local service-provider partners include the Women’s Business Center, the Women’s Employment Network, KC BizCare and KCMO CDE.