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Kansas City organizations form PPP PREP program to assist local small businesses

By Madison Parry

A new program in Kansas City is helping small business owners and entrepreneurs seeking stimulus dollars navigate the PPP application process. Payroll Protection Program PREP is a collaboration among local chambers of commerce, business service providers, banks and other funders.

A group of Kansas City organizations have formed a new program to provide local small businesses guidance with the PPP loan application process.

Called Payroll Protection Program PREP (PPP PREP), the program is a collaboration among local chambers of commerce, business service providers, CDFIs, banks and funders that are offering general guidance and technical assistance to any entrepreneur who missed earlier PPP opportunities.

Organizations involved in the formation of the program include KC BizCare, Black Chamber of Commerce, Prospect Business Association; the City of Kansas City, Missouri and KCSourceLink.

The mission of PPP PREP is aimed at not only helping small business owners complete their PPP applications but also to help owners form a relationship with financial professionals.

According to a 2020 survey from KC BizCare, business owners who already had existing relationships with a lender were 38 percent more likely to be approved for a loan and requested over eight times more capital when applying for loans.

In the same survey, 51 percent of Kansas City respondents dipped into personal savings to get the money they needed. The PPP PREP program hopes that it can help prevent more owners from doing so by introducing other options.