Hospitality Industry Relief Emergency Fund
Update as of March 23: The HIRE Fund has been depleted, but the Department of Commerce is still taking applications. If more funds become available, applications will be considered on a first come, first served basis.
This morning Governor Laura Kelly has announced the HIRE Fund (Hospitality Industry Relief Emergency) Fund. It's pretty straight forward: The $5 million loan program will offer loans up to $20,000 at 0% interest for a term of 3 years with deferred payment of 4 months (1st payment due 120 days from initial disbursement date).
* Existing for-profit business located in Kansas
* Must have 100 or fewer employees
* Restaurant, bar, lodging facility (not Airbnb), conference center, event center (related hospitality businesses not listed may be approved on a case by case basis).
Geographic Distribution of Funds
* $2 million will be allocated to the KC Metro Area (Johnson, Wyandotte, Shawnee and Douglas counties)
* $1 million will be allocated to Sedgwick County
* $2 million will be allocated to the rest of the state
* A total of $5 million will be distributed through the state
Applicants can find the program overview and application on the Kansas Department of Commerce website, at kansascommerce.gov/HIREfund In addition, a brief introduction, as well as an overview document and a link to the application, is available on the www.networkkansas.com website.
General process highlights:
· The business owner will complete the application and it will be sent to NetWork Kansas .
· A yes/no determination will be made within 72 hours based on the information provided in the application, eligibility requirements as well as being mindful of the geographic distribution of funds.
· There will be no security or collateral requirements, but there will be a personal guaranty on all loans.
· All approvals have a 4 month deferral