FOR IMMEDIATE RELEASE: Feb. 5, 2016
The City of Kansas City, Missouri, in partnership with AltCap (Alternative Capital for Community Impact) and the Economic Development Corporation of Kansas City, is pleased to announce the launch of an expanded micro-loan for artist program to support the growth and development of the arts sector in Kansas City, Missouri. In addition to providing access to creative and flexible capital solutions, this program will assist artists and businesses in the creative industries with one-on-one technical arts business development assistance. This expanded loan program, called “ArtCap” is the latest example of Kansas City’s commitment to supporting the goals of the Kansas City Missouri Arts Convergence Plan.
“Kansas City values its arts community. Adding another micro-loan program to encourage more artistic and creative companies to start is important for our local economy,” said Councilman Scott Taylor.
Artists and/or businesses interested in the ArtCap micro-lending program may learn more by attending an informational presentation from 6 to 8 p.m. on February 16. The presentation will be held in the Robert J. Mohart Multipurpose Center, located at 3200 Wayne Avenue. Those who are not able to attend may contact Carmen Lopez, Director of Lending at AltCap at email@example.com or 816-216-1851 ext. 2.
“AltCap is excited to be a part of an expanded effort to support the arts community and creative economy in our hometown,” said Ruben Alonso, President of AltCap.
As a Community Development Financial Institution (CDFI), AltCap is committed to delivering capital to businesses and markets that are underserved by traditional financial institutions. It uses targeted loan funds such as ArtCap to provide critical sources of capital that support small business development and grow the local economy.
In June 2015, Justine Petersen was the first financial institution to partner with the City to provide micro-loans to artists through a program designed to help individual artists seeking to expand their practice by investing in new equipment, supplies or other business needs. AltCap is the City’s newest partner to provide loans to artists and art-related businesses.
“ArtCap offers more than a financial transaction. I believe the program will be a catalyst for building business development resources for Kansas City artists,” said Megan Crigger, Director of Creative Services. “We want artists to thrive in Kansas City and be able to remain here, as they give critical voice and contribute to the identity of this City.”
The Office of Culture and Creative Services was established in 2015 to lead cultural development efforts for the City of Kansas City, Missouri. Its mission is to serve Kansas City residents by bolstering and catalyzing arts, culture and creativity and leveraging the arts as a strategy for economic development, neighborhood revitalization, and cultural vitality for its citizens.
Media inquiries should be directed to City Communications Director, Chris Hernandez, by email at firstname.lastname@example.org or by phone at 816-513-3474.