Show Me the Money: FIRST OPPORTUNITY FUND
Businesses can qualify for a loan up to $100,000 through the First Opportunity Fund. The purpose of this fund is to grow the community by helping local businesses create jobs and increase production. To qualify for a loan, a Shawnee County business must meet at least one of the following criteria:
The business is owned by a low-income person. (Low-income is defined as having an annual income, adjusted for family size, of less than 80 percent of the area’s median family income.)
The business is located in an economically distressed area.
The business employs (or will employ) low- income individuals.
STEPS TO APPLY
The application is a three-step process:
Call GO Topeka Entrepreneurial and Minority Business Development at 785-231-6000 or get the initial paperwork online.
Complete an online pre-application form.
Complete the application and provide all
After submitting the application materials to First Opportunity Fund, the review process takes about 30 days.
You should be able to provide the following:
Summary of Financing Needs
How much money do you need? How will
the borrowed money be used?
Business Financial Statements
If you are an existing business, provide balance sheets and income statements for the last three years.
Business Tax Returns
If available, provide full returns with
schedules for the last three years.
Submit a complete business plan. This plan should include, at a minimum,
the information requested on the First Opportunity Fund’s Business Plan Outline sheet.
Projected Cash Flow Statement
Provide a month by month projection for the next twelve months, and a complete description of any key assumptions that influence financial projections, including any cash contributions to the project besides the First Opportunity Fund request.
Describe the collateral available to secure the loan, including dollar values and
how valuations were determined. Both business and personal assets can be used to secure the loan.
Personal Tax Returns
Provide the full personal tax returns with schedules from the last three years for all owners.