Kansas City to launch micro-loan program for artists
The city of Kansas City, Missouri, yesterday announced that it is soon to launch a new program aimed at offering micro loans to local artists. The program is a collaboration between the Economic Development Corporation and AdvanceKC. Justine Petersen — an organization that has awarded more than $1.8 million in micro loans to 154 small businesses in Kansas City since 2012, half of them to businesses east of Troost — will administer the loans, which will be leveraged with Community Development Financial Institution (CDFI) funds.
“Professional individual artists who live in KCMO and are actively building a body of work within an artistic discipline with the intent to present to the public will be eligible,” Megan Crigger, director of creative services in the newly created Office of Culture and Creative Services, tells The Pitch. “The program is a small part of a larger, comprehensive effort to increase artists’ access to finances — including technical workshops that offer training in financial literacy, to credit building programs and micro loans, to traditional bank loans and larger capital project support.”
Crigger adds: “It creates a dedicated loan pool specifically for artists and intended to support their artistic business needs by building working capital and equity.”
In a release, councilman Scott Taylor hailed the initiative.
“Local artists are an important part of Kansas City’s economy, and their work helps shape and cultivate our community,” Taylor said. “Artists often have limited access to financing options due to the nature of their work. This program provides the funding necessary to strengthen Kansas City’s creative economy.”
The loans are designed to support individuals who may not yet qualify for traditional lending, Crigger says. She expects most to be in the $3,000-$5,000 range, with interest rates varying depending on the terms of the loan.
Artists interested in learning more are encouraged to attend an informational workshop to be held Wednesday, July 8, from 4 to 8 p.m. in the Paseo Room at the Kaufmann Foundation (4801 Rockhill).
