Kansas City’s Lead Bank will help Edgemoor Infrastructure & Real Estate LLC meet its ambitious goals for disadvantaged business participation in construction of the new terminal at Kansas City International Airport.
Edgemoor, the lead developer on the KCI project, selected Lead Bank as the financing source for local diverse and disadvantaged businesses working on KCI. Lead Bank will implement a low-interest working capital loan program for businesses seeking to perform project-related services on the new terminal.
In its development agreement with the City of Kansas City, Mo., Edgemoor committed to 35 percent project participation goal, which includes 20 percent participation by minority-owned business (MBE) and 15 percent participation by women-owned businesses (WBE). Currently, 21 minority- and women-owned businesses will provide services on the project, and there are many construction service opportunities available.
“When companies can take on new work, they grow and create new jobs. We are pleased to have Lead Bank as a community partner in this effort, a bank that understands the needs of small and mid-size businesses,” said Geoff Stricker, managing director at Edgemoor.
Lead Bank created a program with Kansas City called the For Change Initiative that in the past two years has provided more than $12 million in affordable financing for MBEs and WBEs.
“This is an exclusive opportunity to deliver affordable financing to women, minority and disadvantaged businesses, a first of its kind,” said Greg Bynum, Lead Bank president. “As we continue to work towards creating an inclusive and diverse business community, powered by the next generation of leaders, we will now be able to do it with a world-class airport.”
