For Immediate Release:
May 10, 2021
Treasurer’s Office Opens $80 Million Economic Recovery and Extraordinary Utility Loan Programs
TOPEKA—Kansas State Treasurer Lynn Rogers today announced two linked deposit loan programs, the Economic Recovery and the Extraordinary Utility Costs Loan Deposit Programs, which became effective last week. The programs provide low-interest loans to Kansas small businesses and agricultural operations, and to schools and businesses who experienced extraordinary utility bills from the February winter weather.
“As our state continues to recover from the pandemic, our office is continuing to provide tools for Kansans to strengthen their financial footing and stimulate business growth and development,” said Kansas State Treasurer Lynn Rogers. “Our office pushed to get these programs up and running as early as possible, and now we can get more relief to Kansans in every corner of our state.”
The Economic Recovery Loan Program provides $60 million in state idle funds for low-interest loans to small commercial and agricultural businesses. The office began processing loans on Monday, May 3rd. Under this program, the State Treasurer places funds in Kansas banks, credit unions, and/or farm credit associations so that they may issue loans to eligible businesses up to $250,000. These loans can be authorized for up to ten years. Loans are restricted to individuals or entities operating primarily commercial or agricultural businesses. Businesses must be based in Kansas and employ not more than 200 full-time employees.
The Extraordinary Utility Costs Loan provides $20 million (transferred from the City Utility Loan Program) in low-interest loans to wholesale natural gas customers, including businesses and schools, who experienced higher utility bills from the February winter weather. The office began processing loans on Monday, May 3rd. The program provides loans of no more than $500K. These loans can be authorized for up to three years.
More information regarding the linked deposit loan program can be found on our website.