A Hospitality Industry Relief Emergency (HIRE) Fund was recently established in Kansas to provide bridge loans for the state’s hospitality sector during the COVID-19 crisis.
This fund will provide support to Kansas’ small businesses and the larger sectors of the hospitality industry. In total, $5 million is allocated for hospitality businesses.
Eligible businesses in Kansas will be able to apply for a one-time loan of up to $20 thousand at 0% interest for a period of 36 months. There will be no principal or interest payments for the first four months.
*The actual amount of funds awarded will be determined based upon the details in your application.
Examples of hospitality businesses include:
- Lodging facilities
- Conference centers
- Event centers
Other hospitality businesses will be considered and may be approved on a case-by-case basis.
These funds can be used as working capital for business expenses including, but not limited to:
- Commercial loan payments
- Commercial lease payments
- Utility bills
- Accounts payable
Funds will be strategically distributed across the state to maximize relief for all hospitality sectors across Kansas and focus on the areas most affected.
Distribution will be allocated as follows:
- $2 million to the KC Metro area (incl. Johnson, Wyandotte, Shawnee and Douglas counties)
- $1 million to Sedgwick County
- $2 million to the remainder of the state
In order to be eligible, businesses must:
- Be an existing for-profit business located in Kansas
- Maintain a staff of fewer than 100 employees
- Have no outstanding state tax obligations
- Be willing to submit a personal guarantee of repayment from the owners of the business
Decisions on loan applications will be made within 72 hours of application receipt, 7 days a week. Funds will be transferred within 48 hours of approval.