Kansas City Startup Village will get $40,000 in financial support from local organizations, the group announced Monday.
In December, the Sprint Foundation pledged a $20,000 donation, with matching funds from NetWork Kansas, to KCSV.
“It’s a big step in the right direction for KCSV to figure out how to work with a state entity and accomplish something they’re comfortable with that also adds value here,” KCSV co-leader Adam Arredondo told Silicon Prairie News of the partnership.
The funds will be used in part to secure and renovate a space that will hopefully be used as a KCSV community center. Part of the funds also will be used for a microloan fund for KCSV startups to help scale and grow their companies. The Village, located in the Hanover Heights area of Kansas City, Kan., is home to nearly two dozen startups in a small, few block radius.
While Arredondo says specifics for the revolving loan haven’t all been figured out yet, KCSV startups will be able to apply for funds—up to $1,500 at a time—to help fund some facet of their business outside of normal operating costs. For instance, attending a conference or trade show to increase their company’s exposure.
To avoid conflicts of interest within KCSV, the board at NetWork Kansas will review and approve applications for the fund.
“Over time that money comes back in and is reallocated to help someone else who may be struggling with cash flow for their company.”