Revolving Loan Fund (Sales Tax)
The City of Pittsburg operates an Economic Development Revolving Loan Fund (Sales Tax) funded by fifty percent of the revenues received from a local one-half cent sales tax. The Fund provides a source of funds to be used as loan guarantees for implementing credit-worthy industrial and non-competing retail, commercial and service business projects which create and/or retain jobs. In addition, these funds may be combined with loans from the Snall Business Administration, Farmers Home Administration, Community Dvelopment Block Grant Program, etc. in order to obtain financing for qualified projects. To apply online for an RLF approved loan click here
City of Pittsburg CDBG - Revolving Loan Fund
The Community Development Block Grant (CDBG)
loan provides a source of funds to help stimulate private investment for industrial, warehousing, or manufacturing businesses, thereby creating new jobs and increasing the local tax base. Applicants must ensure that 51% of jobs created or retained will primarily benefit low-moderate income (LMI) citizens by being filled by such citizens. LMI citizens are defined as persons with income below 80% of the established federal Section 8 median income level based on family size.
State of Kansas CDBG - Infrastructure Loan Program Fund
Economic Development grants to cities or counties are loaned to provide gap financing for private businesses that create or retain permanent jobs. Eligible activities include infrastructure, land acquisition, fixed assets and working capital. At least 51 percent of the jobs created or retained by the for-profit entity must meet the Department of Housing and Urban Development's low- and moderate-income standard.
Some repayment is required for all economic development categories. Grants are made to cities and counties, which then loan funds to developing businesses. Repaid funds are returned to the state revolving loan fund. Funds may also be used for infrastructure on a loan / grant basis. The funding ceiling is $35,000 per job created or retained with a maximum of $750,000. Matching funds are required. For more information, visit the website for Kansas Department of Commerce CDBG
PITT Microloan Program
The primary purpose of the PITT Microloan program is to promote, stimulate and develop the general economic welfare of the community. An important goal is to provide loans for the stabilization and expansion of businesses located within the city limits of Pittsburg, Kansas. The loan is a 90% guaranteed loan by the City of Pittsburg Sales Tax Revolving Loan Fund. The City of Pittsburg will pay the first 12 months interest to the lender. The amount of funds provided will be no less than $10,000 and will not exceed $35,000. To apply for a PITT Microloan, see your regular lending institute. For more information see the FAQs
and Procedural Guide
or contact the Economic Development office at (620)230-5544 or (620)230-5534.
SEK Inc. Prosperity Foundation
Southeast Kansas, Inc.
supports the continuation of annual tax credits to the Southeast Kansas Prosperity Foundation as provided by the Rural Business Development Tax Credit Act of 2004. The credits provide funding of regional job creation activities and allow the region to decide the best use of those funds. For more information, contact the Southeast Kansas, Inc. office at (620)235-4039.