The Manhattan Area Chamber of Commerce is requesting a $500,000 loan from the city’s economic development fund to provide a small business assistance program as a result of the ongoing COVID-19 pandemic.
The Chamber plans to make a formal request Tuesday evening to the Manhattan City Commission. The program, if approved, would be established for an immediate need (under 14 days) that could present long-term challenges to the overall sustainability of the business. The proposal would also provide technical assistance in finding a longer-term solution.
“We are obviously hoping to work with any business, whether they’re a Chamber member or not,” Chamber President & CEO Jason Smith said Friday.
The proposal includes three tiers of financial assistance ranging from $5,000 for any for-profit business, $10,000 for a business ineligible for the Kansas HIRE program or any other federal program, and $20,000 for primary employers that export over 75 percent of its product or service outside of Manhattan.
“These are times that we’ve not seen before and I think that anything we can do as a community to keep our particularly locally-owned small businesses open, I think we need to try to do. Those are the businesses that define our character and who we are as a community,” Smith said.
All Manhattan businesses would be eligible to apply if they meet the criteria. Those loans would be available at 0 percent interest to be paid back over three years with a four-month deferral period. The fund is not designed to replace what might be available from the state or federal level, but rather would bridge a gap between an immediate need an then being able to access those funds in a more long-term basis.
The Chamber would repay the city as the funds are paid back.
The Manhattan City Commission will consider the request Tuesday in a special meeting at 7 p.m.
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