The city of Wichita is rolling out a new program designed to bolster businesses in the city’s District 1 by providing short-term loans to minority- and women-owned businesses. The PROPEL program, which stands for Providing Resources & Opportunities for Proprietors, Entrepreneurs & Lenders, opens for applications Monday. The city will lend business owners up to $15,000 at 3% interest, and loans must be repaid within 36 months. The revolving fund will start as an $88,000 pool of money from District 1’s cut of the 2016 Hyatt Regency Wichita sale, when each district was awarded $1 million.
Source: Wichita Eagle
