For the entire area of the county of Rooks, including the towns of: Damar, Palco, Stockton, Plainville, Woodston, and Zurich.
Background & Eligible Projects
The Rooks County E-Communities program was created through a Kansas Center for Entrepreneurship Tax Credit Program in 2015. It is a project instituted through the Rooks County Economic Development (RCED) office and administrated through the Northwest Kansas Planning and Development Commission to encourage and develop entrepreneurial activity within Rooks County.
Eligible projects include startup businesses, business transfers of ownership, or existing business expansions.
Low interest loans, zero interest loans, and community development grants will be offered through the fund. Loans with a low interest rate and no-interest rate are, by far, the most common funding tool.
How the E-Community Fund Works
Assume the applicant needs a total of $60,000. The applicant has $10,000 of their own capital, requiring the applicant to borrow $50,000. Of the $50,000, the E-Community can provide no more than 60% (with a maximum of $45,000 to any applicant). The E-community cannot provide funding without a funding partner or combination of funding partners such as a financial institution or community funding source (i.e. local banks, Northwest Kansas Development and Planning Commission.) Members of the E-Community team can help entrepreneurs and small business owners locate and work with those Network Kansas partners to assist in providing the matching amount.
Application Details
Applicants should meet with the Economic Development Director to discuss new business plans. An eCommunity application can be requested when a business plan has been prepared. Applicants should include the following documents for the eCommunity Financial Committee in order to have a more thorough understanding of the business project:
- A complete business plan with a three-year cash flow projection
- Financial reports and/or a bank financial application
- Resumes and references for owners in the business
- Employment and investment projections
- Matching fund avenue possibilities and/or commitments for matching funds
Applicants requiring assistance completing the application or in supplying recommended attachments are encouraged to contact the Rooks County Economic Development office.
Rooks County Economic Development
Roger Hrabe, Director
115 N. Walnut
Stockton, KS 67669
Phone: (785) 425-6881
Fax: (785) 425-6881
roger [at] rookscounty.net (roger[at]rookscounty[dot]net)
www.rookscounty.net
Application Review & Interview
Applications will first be reviewed by a Network Kansas team to determine eligibility and completeness of the application. If approved by the team, the application will then be reviewed and scored by the Rooks County eCommunity Financial Committee. A formal interview may be arranged with the applicant during a regular meeting. Applicants should expect specific questions pertaining to the following criteria:
- Applicant’s need for funding and planned uses of funds
- Projected sales and employment
- Matching funds from Network Kansas Partners
- Additional funding from personal investment as well as public and private sources
- Local support of the project through cooperation of organizations and community leaders
- Involvement of Network Kansas resource partners in the project
- Description of how the funds will add resources, add jobs, increase tax revenue, and/or the community benefits of the project.
Review Criteria & Process
The Rooks County eCommunity Financial Committee is charged with making decisions in regards to the applications and funding. The eCommunities Financial Committee will review on-time and complete applications. Once applicant receives approval from the local Rooks County E-Communities Financial Committee, the project paperwork will be forwarded to Network Kansas officials who will administer the loan.
Applicants who have been denied funding will be provided a list of comments and recommendations that can be addressed. Revised applications may be submitted to the review board after 30 days from the initial presentation of the application.
Let’s get started:
- Preparing a Business Plan
- roger [at] rookscounty.net (Request a Business Loan Application)