AltCap Announces Small Business Relief Loan Fund to Provide Financial Support During the COVID-19 Pandemic
The KC COVID-19 Small Business Relief Loan Fund is a new community-backed $5 million small business relief loan fund intended to provide immediate relief to local, small businesses experiencing extreme economic disruption and financial strain as a result of the necessary public health measures to “flatten the curve” and combat the virus.
“Most U.S. small businesses operate on an extremely tight margin—29 percent are unprofitable and 47 percent have two weeks or less of cash liquidity,” said Wendy Guillies, President of the Ewing Marion Kauffman Foundation. “While federal and state assistance may be available eventually, businesses need help now. The KC COVID-19 Small Business Relief Loan Fund is meant to help bridge the gap for those small businesses that need more immediate and flexible support.