Commerce Bank, CommunityAmerica Credit Union, and Holy Rosary Credit Union are Accepted in KC Credit Enhancement Fund

(Kansas City, Missouri) August 29, 2023 – The Ewing Marion Kauffman Foundation and LOCUS Impact Investing announced today that Commerce Bank, CommunityAmerica Credit Union, and Holy Rosary Credit Union have been accepted into the loan loss reserve program of the Kansas City Credit Enhancement Fund.

The Kansas City Credit Enhancement Fund and its loan loss reserve program seeks to increase access to capital for entrepreneurs in the Kansas City metro area. It provides support for banks, CDFIs, and other lending institutions to invest in businesses owned and operated by entrepreneurs in low- and moderate-income neighborhoods, and especially to entrepreneurs who are Black, Indigenous, and people of color (“BIPOC”).

This fund was launched in collaboration with the Ewing Marion Kauffman Foundation, the Greater Kansas City Chamber of Commerce, and LOCUS Impact Investing, a national nonprofit consulting and advisory organization that will manage the Fund. Kansas City-area banks are encouraged to participate in this program.

“With the collaboration and support of so many partners across the city, I am pleased to announce we were able to launch this innovative program,” said Shakia Webb, Senior Program Officer, Kauffman Foundation. “Our first three financial institutions are actively working to break down systemic barriers to economic growth in historically marginalized communities by taking this innovative approach – and that deserves recognition. This work is just beginning but it offers the opportunity to build a more inclusive future for entrepreneurs.”

“By listening to lenders and borrowers we were able to develop a program that is both attractive to lenders and supports the specific needs of entrepreneurs in the communities we are trying to reach most,” said Jeremiah Houle, Senior Associate, LOCUS Impact Investing. “Our collaborative approach ensured that the program not only fosters economic growth but also promotes sustainable development and makes a lasting impact on communities.”

For more information about the Fund, its loan loss reserve program or how to participate, please review the application or contact Jeremiah Houle at LOCUS at jeremiah@locusimpactinvesting.org.

About the Ewing Marion Kauffman Foundation

The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography. The Kansas City, Mo.-based foundation uses its grantmaking, research, programs, and initiatives to support the start and growth of new businesses, a more prepared workforce, and stronger communities. For more information, visit www.kauffman.org and connect with us at www.linkedin.com/company/kauffman-foundation and www.facebook.com/kauffmanfdn.

About the KC Chamber

The Greater Kansas City Chamber of Commerce is the area’s only regional chamber, representing more than 2,000 businesses across the Greater KC region. The KC Chamber helps to increase member visibility and connectivity and provides innovative programs and resources that help businesses grow.