Kauffman Foundation gives $5.3M to AltCap to help address 'pervasive lack of access to capital' in KC

The Ewing Marion Kauffman Foundation, a private, nonpartisan foundation created by late entrepreneur and philanthropist Ewing Marion Kauffman, recently announced $5.3 million in funding to AltCap, a local community development financial institution (CDFI), to support the capitalization and administration of a fund that increases access to capital for entrepreneurs in economically distressed areas of Kansas City and for those whose credit applications have been rejected by conventional lenders.

This grant will seed a $5 million revolving loan fund to provide qualifying Kansas City businesses with alternative financing options that help to overcome the obstacles and hurdles many entrepreneurs face when seeking traditional asset-based financing. Read more.