NetWork Kansas has announced that Geary County through Junction City Area Chamber of Commerce Economic Development has been selected as a 2015 Entrepreneurship ( E- ) Community and has been awarded $110,000 in tax credits, ennabling the Geary County E-Community to raise $146,667 to advance and establish local businesses. Geary County joins a group of 53 communities.
“We strongly believe that entrepreneurs are and will continue to be key drivers of our local economy, and we’re excited about the additional resources and support that E-Community designation will allow us to offer Geary County entrepreneurs,” said Greg Miller, Economic Development Director, Junction City Area Chamberof Commerce.
The NetWork Kansas E-Community Partnership allows a town or entire county to raise seed money for local entrepreneurs through donations from individuals or businesses within the community.
The Geary County E-Community leadership team includes members of the Junction City Area Chamber of Commerce economic development advisory committee. The leaderhip team will determine the strategy and vision for the E-Community. A separate financial review board will evaluate prospective loan applications from local businesses.
Junction city Area Chamber of Commerce has until mid-December to raise donations in exchange for the tax credits awarded to Geary County. Interested donors should contact Susan Jagerson, Economic Development Specialist at 785-762-2632 about tax credit availability. The tax credits are valued at 75% of donations and offset state income tax liabilities for individuals or businesses.
These funds will then be available beginning January 2016 to be awarded to local businesses as matching loans. In addition to the establishment of the E-Community loan fund, Junction City Area Chamber of Commerce will also complete a series of strategic activities during 2016 designed to enhance the effectiveness of the entrepreneurial ecosystem in order to drive long-term economic growth.
A total of five communities were named as 2015 E-Communities. The following communities were granted a collective total of $375,000 in tax credits, ennabling them to raise $500,000 to be loaned to local businesses in their community. The 2015 E-Communities are: El Dorado, Geary County, Hodgeman County, Rooks County, and Russell County.