The KC Regional Microloan Fund is closing in on $2.5 million in lending to area small businesses after only two years of work.
The fund was started in 2012, after a three-year period without a microloan program in the Kansas City area, leaving a gap in local business finance.
The program, one of the nation’s largest microloan providers, reached its goal of $1 million in loans in its first year and has picked up the pace in its second. The program is funded by the donations of local partner banks.
The fund serves seven counties, but 65 percent of the loans are made in Jackson County. The program has been a particular success with women- and minority-owned businesses, with 64 percent of the pool going to loans for women-owned businesses and 35 percent going to minority-owned businesses.